Takeover of beer giant stumbles as bid 'substantially undervalues' SABMiller

Beer giant SABMiller turned up the heat in its takeover battle with rival Anheuser-Busch InBev as it said a sweetened bid from the Budweiser brewer "substantially undervalues" the business.

AB InBev said it had tabled a third proposal of £42.15 per share for Peroni and Grolsch owner SABMiller after two previous bids of £38 and £40 were rejected.