Anheuser-Busch (BUD) to shareholders: This deal is not for you

It's been about two weeks since InBev NV made its blockbuster $46.3 billion bid for rival Anheuser-Busch Cos Inc (NYSE: BUD). Yes, the silence has been deafening. And, of course, the rumors have been rampant.

In fact, InBev has been getting antsy. For example, this week the company reaffirmed its bid (it's the third letter from InBev's CEO, Carlos Brito).

There is also a lending group ready to pull the trigger. The banks include: Banco Santander, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Deutsche Bank, Fortis, ING Bank, JP Morgan (NYSE: JPM), Mizuho Corporate Bank and Royal Bank of Scotland.

But, according to the Wall Street Journal [a paid publication], it looks like the company's board is close to making an announcement. Although, it appears that the company will reject the deal. Essentially, Anheuser-Busch thinks the deal is too cheap.

That may be the case. But there's a problem: who can pay a higher price for the company?

Interestingly enough, it appears that Anheuser-Busch will make some restructuring moves (such as selling non-core assets). But why didn't it do this several years ago?

The fact remains that the company doesn't have a viable alternative – that is, unless InBev wants to bid against itself. But why?

Instead, it's a good bet that InBev will go directly to shareholders and pull off a hostile bid. In such a move, it will certainly put lots of pressure on Anheuser-Busch – which has few defenses – and perhaps get a deal done fairly quickly.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.