The world's biggest brewer Anheuser-Busch InBev on Wednesday said it and takeover target, British rival SABMiller, had agreed to extend its massive offer by a week to allow for further discussions.
InBev, the giant behind top lager brands like Beck's, Budweiser and Stella Artois, said it had completed a review of the SABMiller business and confirmed the terms of its bid, worth more than $120 billion when debt is included.
"In order to allow SABMiller and AB InBev to continue their discussions with respect to other aspects of the transaction ... SABMiller has requested the (authorities) to extend the relevant deadline until 5:00 pm on 4 November 2015," a statement said.
Britain's takeover panel had agreed to the request, it said in a statement.
Earlier this month, InBev, which also brews Hoegaarden and Leffe beers, said it would pay £44 per share (60.92 euros, $67.32) in cash for SABMiller which counts Foster's, Miller Genuine Draft and Peroni among its brands.
The London-based SABMiller had rejected four previous offers, saying they undervalued the company and were opportunistic.
InBev, a Belgian-Brazilian behemoth formed in 2008, is eager to tap into booming markets in Africa and China, where SABMiller's joint venture produces Snow -- the world's best selling beer by volume.