The Deal's Renee Cordes reports that Anglo-South African beer giant SABMiller plc (SAB) said its board unanimously rejected Anheuser-Busch InBev SA's (BUD) £68.2 billion ($104 billion) takeover offer on Wednesday. Budweiser-maker Anheuser-Busch InBev, which saw two previous offers fall flat, was hoping the third time would be the charm. But SABMiller said its board, excluding directors nominated by its top shareholder, unanimously rejected the £42.15 bid ($64.43), which 'still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects.' As AB InBev considers its next move, most bets are on it returning with a new offer and maybe even going hostile. 'We think it is likely that SABMiller will engage and squeeze out a higher offer,' predicted Sanford C. Bernstein & Co. analyst Trevor Stirling, who referred to AB InBev's move as the start of a big 'bear hug.' A deal would combine about 400 brands accounting for one out of every three beers sold on the planet.