ST. LOUIS (KMOX) – The deal between brewery giants Anheuser-Busch InBev and SABMiller was rejected by the SABMiller side, reports Bloomberg Business.

KMOX reported the story on Sept. 16, of SABMiller being open to a potential buyout offer from AB InBev. Bloomberg is now reporting SABMiller considered the $100 billion dollar offer to be too low.

A report from the the Sunday Times in London last week said AB InBev would offer upwards of $106 billion. The initial proposal was worth a little more than 40 pounds per share, but SABMiller executives and some shareholders were asking for closer to 45 pounds per share, Bloomberg reports.

Buying SABMiller would have strengthened InBev’s position in fast-growing economies in Africa and Asia. SABMiller, formed by South African Breweries’ 2002 acquisition of U.S.-based Miller Brewing Co., employs about 69,000 people in more than 80 countries, from Australia to Zambia, Colombia and the Czech Republic.

SABMiller said it “would review and respond as appropriate to any proposal which might be made.”

InBev had until 5 p.m. on Oct. 14 to make an offer or walk away under U.K. rules.

SABMiller sold 324 million hectolitres of lager, soft drinks and other alcoholic beverages in the year ended March 31, generating group net producer revenue of $26.2 billion.

AB InBev makes more than 200 beers, including Stella Artois and Beck’s. It has operations in 25 countries and sales in more than 100 of them.

Together, the two brew a third of the world’s beer.

(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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