Anheuser-Busch InBev NV on Monday sweetened its takeover proposal for SABMiller PLC as it sought to get back on track after going public last week with an offer that was designed to get SABMiller’s biggest shareholders on board with the deal but instead backfired.

AB InBev’s latest proposal—its fourth in a few weeks—values the world’s No. 2 brewer at $103.3 billion—a 48% premium to the company’s closing price on Sept. 14, the day before media speculation about a deal began to circulate. Its previous proposal, unveiled last Wednesday, valued the maker of Miller Lite and Pilsner Urquell at $99.2 billion.

AB InBev miscalculated when it went public with its proposal last week, according to people familiar with its efforts. It thought it had the backing not only of SABMiller’s biggest shareholder—Marlboro cigarette maker Altria Group Inc., which owns a 27% stake—but also of the two board members representing the Santo Domingo family, which controls 14% of SABMiller. Instead, the Santo Domingo family joined the majority of the board in voting against the offer.

Monday’s revised proposal offers SABMiller’s shareholders £43.50 a share in cash, up from £42.15 a share last Wednesday. The proposed bid also offers a partial-share alternative for 41% of the stock, essentially a combination of cash and stock translating into a lower per-share price of £38.88—up from £37.49 a share.

The partial-share alternative is designed to appeal to Altria and Colombia’s Santo Domingo family. The alternative offers both holders tax and accounting advantages, along with the opportunity to keep a stake in the combined company. AB InBev on Monday made the deal more lucrative by raising the cash offer to those shareholders by 50% to £3.56 per share from last week’s offer of £2.37 per share.