Anheuser-Busch InBev has unveiled an improved takeover offer for SABMiller as time runs out for the brewing giants to reach a deal.

A-B InBev said today it will pay GBP43.50 per share, up from the GBP42.15 offer that was rejected by SABMiller last week. The proposal values SABMiller at just under GBP70.5bn (US$108.1bn).

A spokesperson for SABMiller declined to comment when contacted by just-drinks.

A-B InBev will be hoping its target accepts the new offer as a Wednesday deadline looms. Under UK takeover law, if the offer is not accepted before Wednesday - or if SABMiller does not request an extension – A-B InBev cannot make another approach for six months.

Carlos Brito, A-B InBev's CEO, gave a robust response to SABMiller's rejection of an initial formal offer last week, saying it “lack[ed] credibility”. He also called on SABMiller shareholders to back the takeover and “not allow the board of SABMiller to frustrate this process”.

The latest offer gives shareholders a 48% premium on the SABMiller share price just before takeover speculation began. It also includes an allowance for shareholders to take a mix of A-B InBev shares and cash at a 33% premium. This is because A-B InBev wants to lure two of SABMiller's major shareholders, Altria Group and BevCo, who would prefer a partial share deal.

In today's statement, A-B InBev said it will not be seeking the SABMiller board’s recommendation on the partial share alternative.