Heineken N.V. addressed recent speculation Sunday by confirming SABMiller plc did approach the company regarding a potential acquisition, but Heineken has rejected the offer.

Heineken said it consulted its majority shareholder and concluded a deal with SABMiller, currently the world’s second largest brewing company, was not in the best interest of the company.

“The Heineken family has informed SABMiller, HEINEKEN and Heineken Holding N.V. of its intention to preserve the heritage and identity of HEINEKEN as an independent company,” the company said. “The Heineken family and Heineken N.V.'s management are confident that the company will continue to deliver growth and shareholder value.”

SABMiller is a British beer and soft drink business operating in more than 80 countries. In addition to being one of the world’s largest bottlers of Coca-Cola drinks, the company’s brand portfolio includes Miller Lite (USA), Snow (China), Victoria Bitter (Australia), Tyskie (Poland), Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch.