SAB Miller has denied it intends to make a rival bid for Scottish & Newcastle.
Reports yesterday suggested SAB Miller would be willing to offer 850p-a-share for the British brewer to outbid the 800p offer from Carlsberg and Heineken.
The source of speculation was a blog on Financial Times Alphaville - a digital news service for finance professionals.
However, in a statement to the stock exchange, SAB Miller said it had considered a bid but would be taking no further action.
It said: "Consistent with its normal practice of evaluating all strategic opportunities, SAB Miller confirms that, following the recent release of additional information on the underlying Scottish & Newcastle businesses, it undertook a preliminary evaluation of the Scottish & Newcastle Group but decided not to take further action with regard to Scottish & Newcastle."