SABMiller has admitted to running a slide rule over Scottish & Newcastle.
However the London and Johannesburg-listed brewer has now said it decided not to pursue the matter.
In a statement released to the Stock Exchange, SABMIller said it "notes the recent press speculation in respect of Scottish & Newcastle plc.
"Consistent with its normal practice of evaluating all strategic opportunities, SABMiller confirms that, following the recent release of additional information on the underlying Scottish & Newcastle plc businesses, it undertook a preliminary evaluation of the Scottish & Newcastle plc Group but decided not to take further action with regard to Scottish & Newcastle plc."
SABMiller was said to one of a number of multi-national brewers which were monitoring Carlsberg and Heineken's approach to assess whether or not a rival bid could be mounted.
Other interested parties are said to be US brewing giant Anheuser-Busch.