InBev will pay £44 per share for SABMiller, which has also agreed to sell its stake in US unit MillerCoors for $12 billion to Molson Coors.
AB Inbev is the No. 2 beer supplier in Australia, behind Lion Nathan, owned by Japan's Kirin Holdings Co Ltd.
The world's biggest brewer Anheuser-Busch InBev turned up the heat on SABMiller urging the British rival's shareholders to accept a new $103-billion takeover bid despite fierce opposition from the management.
The deal is higher than a fourth bid tabled Monday worth about £43.50 a share.