Scottish & Newcastle last night accused rival brewers Carlsberg and Heineken of trying to buy the business "on the cheap" after snubbing the duo's latest £7.3 billion takeover approach.
The Foster's and Kronenbourg 1664 maker, which also owns Hereford cidermaker Bulmers, said it had "no hesitation" in reject-ing the European brewers' 750p a share proposal for the business.
Edinburgh-based S&N rejected a £6.8 billion approach from the pair last month.
Chairman Sir Brian Stewart said: "Carlsberg and Heineken's marginally increased proposal continues their attempt to get S&N's unique portfolio of businesses on the cheap.
"The board is highly confident in the actions being taken to maximise shareholder value and strongly urges shareholders to take no action."
Carlsberg and Heineken plan to break up the business if their pursuit of S&N is ultimately successful.
Carlsberg wants to take S&N's stake in their 50/50 Russian joint venture BBH, as well as the firm's operations in France and Greece. Heineken is looking to gain S&N's UK business and operations elsewhere in Europe.
The fast-growing BBH is the jewel in the crown of S&N's business, and chief executive John Dunsmore accused Carlsberg of denying shareholders the opportunity to assess the true worth of the operation.
Mr Dunsmore said: "We particularly object to Carlsberg's refusal to allow agreed information about BBH's prospects to be released."
Trade union Unite, which has 1,200 members at S&N, also opposed the bid.
National organiser Brian Revell said: "We are concerned that this bid would trigger further concentration, not just in S&N but throughout the industry.
"That would lead to loss of jobs and an increase in the carbon footprint as less breweries would mean beer would need to be delivered over longer distances."
The brewer, which also makes John Smith's, has around 3,300 staff in the UK. It has breweries in Manchester, Reading, Dunston near Newcastle, and Tadcaster, in North Yorkshire as well as Bulmers in Hereford. Administration staff are also based at Edinburgh and Staines, Middlesex.
Shares in the business rose by two per cent, or 1612p, to close at 757p as investors held out hopes of a higher offer, although Heineken chief executive Jean-Francois van Boxmeer said the duo would be "financially disciplined" in pursuing the deal.
The brewers said their new offer price represented a premium of 41 per cent to the S&N share price prior to the first bid speculation surrounding S&N in March.
Heineken dates back to 1864 and also counts Amstel among its major international brands. Carlsberg sells 83 million bottles of beer every day in 150 countries and has 30,000 staff.
Publishing its enhanced offer, the consortium said it had taken note of a recent statement by S&N which referred to "challenging conditions" across western Europe and reminded the under-siege group's investors that the region accounts for a significant slice of its operating profits and cashflows.
Mr van Boxmeer said the higher bid showed the consortium wanted to "engage positively on this transaction".