Mumbai:  Two weeks after Belgian-Brazilian brewer InBev launched a $46.3 billion bid for Anheuser-Busch Cos Inc, the board of the US-based brewer may reject the unsolicited offer as it viewed the $65-per-share offer too low, sources close to the development said.

Instead of accepting InBrew's unsolicited offer, reports say, Anheuser-Busch has plotted its own restructuring plan, that would include the sale of its theme park operations and packaging unit as also layoffs.

Anheuser-Busch, the brewer of Budweiser beer, expects these measures to help it cut $500 million in costs. But it did not say when it planned to start restructuring.

InBev, the maker of Stella Artois and Beck's, however, insists its $46.3 billion takeover offer is ``full and fair.''  The company also said it was open to further discussions, but stressed that time was "of the essence."

InBev said it had already arranged finances with a consortium of 10 banks and has paid $50 million in commitment fees to the group.

A rejection of the bid may force InBev to either raise its offer or take its bid directly to shareholders.

Anheuser-Busch, however, has few defences than its valuation against a hostile takeover. InBev's $65-a-share offer, which tops Anheuser's all-time high, is 24 per cent higher than the stock's closing price the day before reports of merger talks surfaced, and 35 per cent higher than the average share price over the preceding monthm aking it dificult for Anheuser to match this on its own.

A restructuring that involves salse of units and worker layoffs could invite the wrath of both investors and workers as also local politicians in St Louis.

Billionaire investor Warren Buffett's Berkshire Hathaway is Anheuser's second-largest shareholder.

Busch Entertainment Corp, Anheuser's theme park unit, last year reported sales and net income of $1.27 billion and $162.9 million, respectively.

Anheuser's theme park business is valued at $2.9 billion.

A deal between InBev and Anheuser-Busch would create the world's largest brewer, making a quarter of the world's beer.