Anheuser-Busch rejects InBev bid, calls it too low

ST. LOUIS (AP) -- Anheuser-Busch's board is unanimously rejecting a Belgian-Brazilian brewer's takeover bid, saying the $46 billion offer undervalues the Budweiser maker.

The St. Louis brewer calls InBev's $65-a-share price "financially inadequate" and not in the best interests of its shareholders.

Chairman Patrick Stokes says the proposal "significantly undervalues the unique assets and prospects of Anheuser-Busch" and doesn't reflect the strength of the company's iconic brands.

The move may still not keep Anheuser-Busch Cos. from being sold. The company will likely face intense shareholder pressure to seek a higher price or take other actions to bolster its share price, and InBev has filed suit seeking a judgment to confirm that Anheuser-Busch's shareholders can remove without cause the company's board of directors.