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.
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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)