SABMiller, the brewing giant and maker of such international brands as Peroni and Miller, and local brands like Trophy and Hero has rejected an unofficial bid proposal made by Anheuser-Busch InBev (AB InBev), the world’s largest brewer at £42.15 per share or $103.6bn / £68bn saying that the offer was too low.

“AB InBev needs SABMiller but has made opportunistic and highly conditional proposals, elements of which have been deliberately designed to be unattractive to many of our shareholders. AB InBev is very substantially undervaluing SABMiller,” said Jan du Plessis, chairman of SABMiller.