It looks like the biggest takeover in years is in trouble

Sad Budweiser can on train tracksYouTube/Scott TaipaleThe maker of Budweiser is in a deal to buy the maker of Miller for $125 billion — but now that deal might be in trouble.

The beer giant SABMiller has told its employees to stop working on the company’s combination with Anheuser-Busch InBev, Bloomberg reported on Wednesday.

That follows news out Tuesday that AB InBev, the maker of Budweiser, had raised its bid to £45 ($59) a share from the £44 ($57) announced back in October.

The new offer values SABMiller at roughly $125 billion, up from about $109 billion last October, based on exchange rates at the time.

Numerous activist investors in SABMiller, including Elliott Management, had raised concerns about the deal following a 12% drop in the pound versus the dollar since the UK voted in June to leave the European Union.

AB InBev also tweaked the terms of an alternative share-and-cash structure designed for SABMiller’s two largest shareholders, raising the cash element by £0.88 ($1.15) a share, according to Reuters.

The beer maker’s shares dipped in response to the news Wednesday.

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