SABMiller rejects AB InBev's $104B proposal

In the third proposal made to SABMiller's board, which rejected the first two, Anheuser-Busch InBev proposed a sweetened $104 billion offer.

But that wasn't enough and "substantially undervalues" the world's second-largest brewer, according to its board. It rejected the third proposal today.

If a deal does go through, the combined company would generate revenue of $64 billion and earnings before interest, taxes, depreciation and amortization of $24 billion. Together, the companies sell more than 30 percent of the world's beer volume.

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