It looks like the biggest takeover in years is in trouble

The beer giant SAB Miller has told its employees to stop working on the company's combination with Anheuser-Busch InBev, Bloomberg is reporting.

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

A number of activist investors in SAB Miller, including Elliot Management, had raised concerns about the deal following a 12% drop in the pound versus the dollar since the UK voted to leave the European Union in June.

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 88 pence a share, according to Reuters. 

 

The new offer values SABMiller at roughly $125 billion. The beer-maker's shares dipped in response to the news today.