In a statement this afternoon, the company said the deal, worth £42.15 per share, "substantially undervalues [the company], its unique and unmatched footprint, and its standalone prospects". Calm down...
The merger, dubbed "Megabrew", would create the world's largest brewer, worth £177bn.
This morning SABMiller chairman Jan du Plessis called the company, which owns brands such as Peroni and recently-acquired Greenwich-based craft brewer Meantime, "the crown jewel of the global brewing industry".
"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," he continued.
Having risen as high as 3,782.8p in early trading, SABMiller fell back to 3,643.5p in mid-afternoon trading, which was nevertheless 0.6 per cent up.