SABMiller Plc (SAB) was rebuffed in an attempt to buy smaller brewer Heineken NV (HEIA), a deal that would have strengthened itself against a potential bid by Anheuser-Busch InBev NV (ABI), people with knowledge of the matter said.

Heineken NV, the brewer of Amstel Light, confirmed in a statement that it turned down the offer and said it intends to remain independent. SABMiller’s preliminary offer was rejected by the family that controls Heineken, Bloomberg News reported yesterday, citing people who asked not to be identified because the information is private. The offer, made in the last two weeks, would have made the family one of the combined company’s largest holders, one of the people said.

Heineken family members are resistant to any sale because they want to keep control of the 34 billion-euro ($44 billion) Amsterdam-based brewer, the people said. SABMiller, long the subject of speculation regarding a takeover by AB InBev, is assessing its next move, the person added, and it’s not clear if it will approach the family again.

“For SAB, a way of preserving their independence is to buy Heineken,” said Matthew Beesley, portfolio manager and head of global equities for London-based Henderson Global Investors Ltd. “It’s easy to underestimate the desire for management teams to be in control of their own destiny rather than to sell their business at a very high price.”

Heineken determined SABMiller’s proposal was “non-actionable,” the company said in its statement. “The Heineken family and Heineken N.V.’s management are confident that the company will continue to deliver growth and shareholder value.”

Richard Farnsworth, a spokesman for London-based SABMiller, declined to comment.

Bloomberg