Australian brewer Foster’s rejected a $10 billion (€6.9 billion) offer from rival SABMiller for the second time as shareholders hold out for a better offer from the global brewing giant.

SABMiller announced earlier in the week it would go directly to shareholders to gain about half of Australia’s beer market, with a repeated offer of A$4.90 a share.

Foster’s yesterday said the offer significantly undervalued the company. Shares in the brewer, which is expected to report flagging profits on Tuesday, rose as high as A$5.03. “They are doing the right thing, they probably will get a better price sometime down the track,” said Craig Young, portfolio manager at Tyndall Investment Management.