Deeper analysis of South African Breweries' possible acquisition of Miller Brewing has raised doubts about the asking price of the US brewer according to a new report by SG Securities. A comprehensive 20-page report by analyst, James Williamson, who tracks the African brewer closely, said after an initial positive response to the possible deal, his company "would be more comfortable if SAB were to acquire Miller Brewing for US $4.5 billion", rather than the reported proposed price of US $5 billion.