Brewer SABMiller is said to have rejected an informal takeover offer from ABInBev as too low, a Bloomberg report citing people familiar with the matter said.
Traders cited the report as the reason behind a late-morning drop in SABMiller shares, which were down 3.2 percent after the report's publication, hitting their lowest levels of the trading session.
SABMiller declined to comment, while ABInBev was not immediately available to comment.
A takeover of SABMiller, the world's No. 2 brewer with brands including Peroni and Grolsch, could likely cost upwards of 68 billion pounds ($103.05 billion), according to analysts' estimates.
(Reporting by Alasdair Pal, Alistair Smout and Martinne Geller; Editing by Lionel Laurent)