BREWER InBev SA yesterday made a plea to Anheuser-Busch shareholders to challenge the US beer company's rebuff of its US$46 billion unsolicited bid.

InBev CEO Carlos Brito insisted in a statement that his offer of US$65 a share was "full and fair" and would give shareholders immediate certainty as markets plunge.

The Belgium-based maker of Stella Artois and Beck's has already set the scene for a hostile takeover battle, by saying it would "pursue all available avenues that would allow Anheuser-Busch shareholders a direct vote."

Last week it filed suit in Delaware, where Anheuser-Busch is based, seeking a declaration that shareholders could oust the company's 13 board members without cause.

It said it wants to confirm that the five directors elected in 2006 could be removed by shareholders, saying it is clear that the other eight could be pushed out.

The Anheuser-Busch board last Thursday rejected InBev's offer as "financially inadequate," offering instead a plan to boost earnings growth to win shareholder support for staying independent. Brito blasted that plan as having "significant execution risks."

Instead, he said InBev offered an established track record of international expansion and consistent profitability that would see the company gain "unmatched economies of scale in a period of rapidly escalating commodity prices."

He said InBev would have preferred constructive dialogue with the US brewer of Budweiser and was "surprised" not to hear from Anheuser-Busch before it publicly rebuffed the bid.

Again InBev made no move to raise its offer, saying it gives shareholders an immediate cash premium of 35 percent above the 30-day average share price prior to recent market speculation.

The US$65 offer for each share is also 18 percent above Anheuser-Busch's previous all-time share price high in October 2002, it said. InBev's bid would create by far the world's largest brewer.