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.

Perhaps the credit crunch is showing some improvement? For example, according to a report in the Telegraph, it looks like InBev – the world's no. 2 beer company -- is close to getting $50 billion in financing for a bid for Anheuser-Busch Cos Inc. (NYSE: BUD). Some of the banks include JP Morgan (NYSE: JPM), Santander, BNP Paribas and Merrill Lynch (NYSE: MER).

But isn't the Busch family resistant to a bid? In theory, that may be the case. However, it's hard to say "no" to a premium buyout deal. Besides, the beer industry is in the midst of a global consolidation trend. And, with Anheuser-Busch's relatively high cost structure and lackluster global strategy, the future does look murky.

In the meantime, Anheuser-Busch is preparing for a fight. That is, it appears that the firm is getting anti-takeover advice from Goldman Sachs (NYSE: GS) and Citi (NYSE: C).

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.

When I first saw the story in The Wall Street Journal (subscription required) that Anheuser-Busch Cos. (NYSE: BUD) planned to sell lime-flavored Bud Light, I thought the king of beers had gotten a little soft in the head. Then I feared for the country when I learned that rival SABMiller Plc. (LON: SAB) is gaining sales with a revolting-sounding beverage called Miller Chill which the Journal described as a "lime-and-salt-flavored light lager modeled after Mexican concoctions know as micheladas."

It seems that at some point in the 1980s or 1990s, people no longer drank beer just because they were thirsty. Instead, they needed to make a lifestyle choice. Smart, sophisticated people needed to show how cool they were by drinking overpriced imports or microbrews. I was not immune to the marketing of the time and wound up drinking a few brews with limes wedged into them until I learned better.

Former advertising executive John Greening, who did work for Anheuser-Busch, raised a more serious issue, pointing out, "their hot hand has always been Bud Light. This takes the attention away from the hot hand."

The latest sales update from SABMiller PLC (OTC: SBMRY) demonstrates why the company has partnered with Molson Coors to form MillerCoors. In the relatively flat U.S. market, SAB will look to the cost savings of shared operations to sweeten its earnings. SABMiller's North American sales in the first half of 2007 have risen only 1.4%, when the impact of the recent purchases of Sparks and Steel Reserve are backed out. Its Miller Light product fared slightly better, recovering from the damage inflicted in the U.S. market by Anheuser-Busch's (NYSE: BUD) earlier price drop to finish up 2.1% in the first half of this year. New products including Miller Cheleda and Leinenkugel are performed well.

Internationally, the company is looking to the success of new brands such as its popular Hanza Marzen Gold in South Africa to offset the blow of losing the brewing and distributing rights to Heinken's Amstel brand in that country. SAB's growth in Central and South America continued to be strong, up 8% in the second quarter. The Africa and Asia markets, which accounted for 12% of the company's EBITA last year, were also up by 20%, led by a 22% increase in China.

Yesterday Anheuser-Busch Cos. (NYSE:BUD) reported a first quarter EPS of $.67, short of the $.69 analysts had expected, and the market reacted with a share price drop of $1.45 to close at $50.90.

The company reported sales of 37.6 million barrels of suds for the quarter, up 2.2% over 2006, but only 0.5% of that growth was in the U.S. International sales were up 8.7%, accounting for the lion's share of growth. The company credits this to strong sales in Canada and China. Also, equity partners Grupo Modelo and Tsingtao did well for the quarter, boosting this class by 4.1% on modest volumes.

More troubling was the report that the company's market share dropped from 50.9% in 2006 to 50.2%. A price increase imposed in this quarter helped the company reach a consolidated net sales increase of 2.7%. For the quarter, the company reported net income of $518 million, up from $499 million a year ago.