- Mike Beirne

In a latest attempt to take over Anheuser-Busch for $46.3 billion, InBev's CEO Carlos Brito told the company on Sunday that pursuing a merger with Mexican brewer Grupo Modelo would not create more value for A-B shareholders.

Brito sent a letter to August Busch IV, A-B's president and CEO, saying that InBev's offer of $65 cash per share for all of A-B's outstanding common stock should be considered before proceeding with any alternative transaction.

"We should also add that, having carefully considered the merits of our proposed combination, it is our strong belief that no alternative transaction that you could effectuate would create more value for your shareholders than the $65 per share in cash that we are offering," Brito said in the letter. "We are convinced that your shareholders would reach the same conclusion."

InBev's offer was 11% more than the closing price when the offer went public on June 11. In his letter, Brito alluded to reports that A-B executives may have contacted Grupo Modelo—brewer of Corona Extra, Modelo Especial and Pacifico—about a possible transaction. A-B, St. Louis, would not comment on the reports.

A-B already owns a 50% stake in Grupo Modelo, Mexico City. Industry observers say buying the remainder of the company would push InBev's bid price higher and could make an A-B acquisition out of reach. Meanwhile, Grupo Modelo said last week that it intends to remain a Mexican-owned company.

There are also reports that Warren Buffett, chairman of Berkshire Hathaway, which owns 4.9% of A-B's stock, is planning to speak to Busch this week about the InBev offer. If he sides with the Belgian brewer, the A-B board would face more pressure to accept the offer.