The proposed price “substantially undervalued” Anheuser-Busch's key assets and prospects, August Busch IV, president and chief executive officer of Anheuser-Busch said in a letter to InBev's CEO Carlos Brito.
The price did not reflect the strength of the brewer's Bud Light and Budweiser brands and also undervalued its leading market position in the US, he added.
In a statement, InBev said it remained committed to its offer.
“InBev's strong preference is to enter into a constructive dialogue with Anheuser-Busch to achieve a friendly combination that comprehensively addresses the interests of all constituents.
“At the same time, the company is also seeking a declaratory ruling in Delaware regarding alternative routes to progress the combination to ensure that Anheuser-Busch shareholders preserve their voice in the process.”
It has asked the courts whether Anheuser-Busch's shareholders can remove all 13 members of its board.