Anheuser-Busch has formally rejected Inbev’s $46bn takeover approach.
Anheuser chairman Patrick Stokes said Inbev’s proposal “significantly undervalues the unique assets and prospects of Anheuser-Busch”.
Inbev will have to come back with an improved offer if it wants to get its hands on the Budweiser brewer.
Several industry analysts and commentators have suggested it will need to cough up an extra $7bn.
The door has been left open for a further approach by Inbev. In an open letter to Inbev ceo Carlos Brito, Anheuser president and ceo August Busch IV said the Anheuser board would “continue to consider any strategic alternative that would be in the best interests of Anheuser-Busch shareholders.”
He added: “We respect your desire to grow your company, but your growth should not come at the expense of our stockholders.”
Inbev refused to comment this week on reports that it had held informal talks with Mexican brewer Modelo and SABMiller about possible future consolidation in the global brewing industry should its bid to buy Anheuser eventually succeed.