LONDON: Budweiser brewer Anheuser-Busch InBev has increased its bid for SABMiller to £70.4 billion in its latest effort to win approval from directors who have rejected three previous offers. AB InBev is now offering £43.50 a share, which is 3.2 per cent more than its previous bid and 14 per cent higher than its initial offer. Shares of London-based SABMiller rose one per cent to £37 a share after reports of the improved bid. Tensions between the companies have risen since the first offer was announced on September 16, with AB InBev accusing SABMiller’s board of failing to engage meaningfully in negotiations. SABMiller argued that the previous offers undervalue the company.