Anheuser-Busch InBev (AB InBev) is surprised by Dual-listed SABMiller’s continued statement that its ‎£42.15 a share offer, with a partial share alternative or about 41% of the SABMiller shares, “still very substantially undervalues SABMiller”.

On Thursday, AB InBev CEO Carlos Brito said: “Our proposal creates significant value for everybody.

“How long will it be before shareholders see a value of over ‎£42 in the absence of an offer from AB InBev? If shareholders agree that we should be in proper discussions, they should voice their views and should not allow the board of SABMiller to frustrate this process and let this opportunity slip away.”

If accepted, the deal would see the formation of a global beer conglomerate with yearly revenues of $64-billion and earnings before interest, taxes, depreciation and amortisation of $24-billion.

The latest offer followed two prior written proposals to SABMiller that had been rejected, the first of which proposed £38 a share in cash and the second £40 a share in cash.

AB InBev held that the latest rejection by the SABMiller board, which excluded the three directors nominated by SABMiller’s largest shareholder, Altria Group, who dissented, lacked credibility.

The multinational beverage and brewing company headquartered in Leuven, Belgium, stated that the cash proposal represented a premium of about 44% to SABMiller’s closing share price of ‎‎£29.34 on September 14, the last business day prior to renewed speculation of an approach from AB InBev.

It further stated that Altria Group, which owned 27% of SABMiller, had publicly declared its support for the proposal and “urges SABMiller’s board to engage promptly and constructively with AB InBev to agree on the terms of a recommended offer”.

With regard to its rejection of the offer, the SABMiller board had also referred to the highly conditional nature of the proposals, including significant regulatory hurdles in the US and China, “on which AB InBev has not yet provided comfort to SABMiller”.

In response, AB InBev said, together with its advisers, it had done significant work on regulatory matters and had identified solutions that provided a clear path to closing. The company noted that it intended to work proactively with regulators to resolve any concerns and had repeatedly offered to share this analysis with SABMiller and its advisers; however, each time the SABMiller board had refused to engage.

“SABMiller is the crown jewel of the global brewing industry, uniquely positioned to continue to generate decades of standalone future volume and value growth for all SABMiller shareholders from highly attractive markets.

“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 substantially undervaluing SABMiller,” chairperson Jan du Plessis said on Wednesday.