Carlsberg and Heineken raised their joint cash bid for Scottish and Newcastle (S&N) on Thursday, valuing the British brewer at around 7.3 billion pounds ($15 billion).
Denmark's Carlsberg and Amsterdam-based Heineken said in a joint statement they had made an increased proposal S&N's board, raising their bid to 750 pence per share in cash from a 720 pence per share offer they made last month.
S&N rejected the original bid.
The revised offer sent the British brewer's shares higher although they were already trading above the new price before the offer was made public.
"The raised bid is not necessarily the last bid, but a bid meant to invite S&N's board to negotiate," said Jyske Bank analyst Jens Thomsen.
Carlsberg and Heineken said the new price valued S&N at an equity value of 7.3 billion pounds and at an enterprise value of about 9.7 billion "substantially in excess of the standalone independent value of S&N."
Shares in S&N rose 3.4 percent to 765.5 pence by 0830 GMT after the the raised offer.
Heineken were down 2.5 percent at 45.20 euros and Carlsberg share were 1.2 percent lower at 640 Danish crowns.
Carlsberg and Heineken intend to share out the assets of the British brewer to overcome anti-trust concerns.
S&N, Britain's last big independent brewer and No. 6 in the world, has been seen as a takeover target for many years with Carlsberg touted as the most likely suitor due to its joint ownership with S&N of the fast-growing BBH venture while it is also the No. 1 brewer in Britain and France.