SABMiller rejected the latest proposal from Anheuser-Busch InBev. This time, the offer to purchase the company was for $100 billion.

This offer represents the latest development in the ongoing saga for the world’s largest producer of beer to become the owner of the second largest producer. If the companies were to join forces, they would control the number one and number two positions in 24 of the world’s 30 largest producers of beer.

AB InBev offered to pay $65.54 per share for SABMiller. The amount is 44% higher than the closing level for SABMiller in London on September 14th. AB InBev also proposed an alternative offer of $57.40 per share with the addition of stock options.

However analyst do not believe the negotiations are over just yet.

RBC Capital Markets analyst James Edwardes stated, “This is not, in our view, intended as ABI’s concluding proposal. But it is likely to put pressure on SAB’s management to engage and at least there is now a formal proposition to discuss.”

Meanwhile, the largest shareholder of SABMiller, Altria Group Inc., wanted to accept the offer. Altria Group Inc. maintains 27% ownership of SABMiller.

SABMiller has already rejected two previous offers made by AB InBev. According to law in the United Kingdom, AB InBev must make a final offer by October 14th, or else it must exit negotiations. If that were to happen, AB InBev could not attempt to takeover SABMiller for a time period of six months.

However, AB InBev is not ready to give up just yet.

CEO of AB InBev Carlos Brito said during a conference call, “We continue to work towards a recommended transaction, it’s just that after a couple weeks trying the private route we didn’t get any meaningful engagement from the board and with the deadline approaching we felt it was important for SABMiller shareholders to understand the compelling opportunity and look at our proposal.”

If the proposal can be completed, it would be the largest merger of 2015. The newly established company would be expected to earn an estimated $25 billion next year.

AB InBev is known for its Budweiser and Busch brands of beer, while SABMiller is the maker of Miller Lite.

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