Brewing giant Anheuser-Busch InBev has raised its offer for rival SABMiller after two previous bids were rejected.
The Belgian group – the world’s biggest beer maker – has offered 42.15 pence a share, following bids of 38p and 40p.
It said a deal with SAB would “build the first truly global beer company”. The combined group would be worth more than £180bn.
Shares in the London-based brewer have risen sharply since InBev first made its move last month.
InBev brews Budweiser, Stella Artois and Corona, while SAB brews Peroni and Grolsch, among others.
If a deal goes through, the merged company would produce one-third of the world’s beer.
On Tuesday, SAB reported a 9% fall in revenues for the three months to September, which it blamed on weakening emerging market currencies. Sales volumes were up 2%.