Brewing giant Anheuser-Busch InBev SA was mulling raising its takeover bid for SABMiller to approximately 43 pounds ($66) a share.
The offer, if made, would be higher than a previous one of 42.15 pounds a share which SABMiller rejected last week but lower than the 45 pounds a share that the company desires.
At 43 pounds a share, SABMiller would be worth 69.6 billion.
U.K. brewer SABMiller wants AB InBev to pay closer to 45 pounds a share, as stated by a source, who asked not to be identified as the discussions aren’t public.
SABMiller hasn’t entered formal talks because it views the most recent proposed bid of 42.15 pounds as too low.
That AB InBev raised its offer from 43.50 pounds to 70 billion pounds or $108 billion, as revealed by sources familiar with the matter who didn't want to be identified.
Representatives from both companies declined to comment.
The back-and-forth follows a contentious week for the world’s two biggest brewers, who between them control half of the industry’s profit pool.
SABMiller Chairman said on Wednesday that AB InBev’s proposal “substantially” undervalues the company.
AB InBev Chief Executive Officer countered saying that the board’s opposition lacks credibility and shareholders are being offered a price the brewer alone won’t achieve anytime soon.
SABMiller’s investors around the globe are now choosing sides in the industry’s biggest deal ever.
An investment banker close to Colombia’s Santo Domingo family, which controls 14 percent, said SABMiller has better growth prospects than its larger suitor.
On Friday, two big institutional shareholders backed SABMiller’s rejection.
As the craft movement was coming of age and strengthened its position as a key disrupting force within the beer and the entire alcohol industry, corporate consolidation could perhaps provide some last drops of stock market intoxication.
SABMiller earlier this year bought the London based craft beer company for an undisclosed sum, as big players usually do in a saturated beer market, quickly eyeing opportunities in the fast growing segment.
