Brewer SABMiller on Wednesday said its board had "unanimously rejected" the third takeover offer from rival AB InBev, insisting it "substantially" undervalues the group.

"The board, excluding the directors nominated by (biggest shareholder) Altria Group Inc., has unanimously rejected" the improved 68-billion-pound ($103-billion, 92-billion-euro) offer "as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects", said a statement.