The world's biggest brewer, Anheuser-Busch InBev, announced Wednesday an improved 68-billion-pound (92-billion-euro) takeover offer for British rival SABMiller (Xetra: BRW1.DE - news) .

The news pushed the share price 2.74 percent higher on the Brussels stockmarket within minutes of the open while SABMiller added 2.71 percent to 3,720 pence in London.

SABMiller said its board will consider the new higher takeover offer despite it not being much more than rejected bids "substantially" undervaluing the group.

"The board will, of course, meet formally to consider the 42.15 pounds (per share) proposal as soon as practicable and a further announcement will be made thereafter," it said in a statement.

Anheuser-Busch InBev, which brews Budweiser, Corona and Stella Artois, said it was disappointed that SABMiller had rejected its two previous lower-priced offers "without any meaningful engagement".

"We have the highest respect for SABMiller, its employees and its leadership, and believe that a combination of our two great companies would build the first truly global beer company," Inbev chief executive Carlos Brito said in a statement.

"By bringing together our rich heritage, brands and people we would provide more opportunities for consumers to taste and enjoy the world's best beers."

SABMiller, the maker of Foster's, Miller and Grolsch beers, has rejected two previous offers by InBev.

The latest InBev offer of 42.15 pounds per share values SABMiller at about 68 billion pounds.

The Belgian-Brazilian giant said the combined group would generate revenues of $64 billion (57 billion euros).

"The combination of AB InBev and SABMiller would result in a truly global brewer that would take its place as one of the world's leading consumer products companies," InBev said.

Together, they would cover "virtually every major beer market", it said, including the emerging markets of Africa, Asia and Latin America.