June 20 (Bloomberg) -- Anheuser-Busch Cos., the U.S. brewer being pursued by InBev NV, said its directors didn't have a response to the Belgian company's $43.6 billion takeover offer after meeting today.

The board will continue to review and consider the $65-a- share proposal, Anheuser-Busch said today in a statement. The St. Louis-based maker of Budweiser didn't say when it would respond to the unsolicited offer.

A combination with InBev would create the world's largest brewer by sales volume and combine the 132-year-old Budweiser with Stella Artois, Bass and 200 other brands. Chief Executive Officer August A. Busch IV told distributors in April, before InBev made its bid, that he wouldn't sell the company.

``We continue to believe Anheuser-Busch will be sold to InBev for a $65 or slightly better,'' Mark Swartzberg, an analyst at Stifel Nicolaus & Co., said today in a note to investors before the board's announcement. His Anheuser-Busch recommendations returned 10 percent in the last year, ranking him fourth among 16 analysts tracked by Bloomberg.

Nina Devlin, an InBev spokeswoman who works for Brunswick Group, declined to comment on the meeting.

Adolphus Busch IV, an uncle of Anheuser-Busch August Busch IV, told the board in a letter that he supports a sale to InBev, the Wall Street Journal reported.

Director Resignation

Earlier today, Anheuser-Busch lost Grupo Modelo SAB CEO Carlos Fernandez as a director when he resigned ``to avoid appearance of any conflict,'' according to Modelo spokeswoman Jennifer Shelley. The Wall Street Journal reported last week that the U.S. beermaker contacted Fernandez over a possible combination to thwart an InBev takeover.

Modelo, which is 50 percent owned by Anheuser-Busch through direct and indirect stakes, said last week it wants to remain a Mexican-owned company, countering speculation it may sell to the U.S. brewer. An Anheuser-Busch purchase of the shares it doesn't already own would an InBev takeover more expensive.

Anheuser-Busch declined 38 cents to $60.67 at 4:02 p.m. in New York Stock Exchange composite trading. Grupo Modelo fell 1.73 pesos to 53.02 pesos in Mexican stock exchange trading. U.S. stocks dropped to a three-month low today on higher oil prices. InBev declined 34 cents to $47.60 euros in Brussels.

The U.S. beermaker also said today it's buying the remaining 50 percent stake in Crown Beers India Ltd. from its joint venture partner Crown International. The brewer didn't disclose the terms of the purchase.

InBev's Warning

Earlier this week, InBev told Anheuser-Busch in a letter not to pursue other transactions as it considered InBev's offer.

Fernandez, 41, may have resigned to show the Mexico City families who own the other half of Modelo's shares that his decisions on selling won't be influenced by the U.S. brewer, said Erin Smith, an Argus Research analyst in New York. Smith ranks fifth in her Anheuser-Busch recommendations, according to data compiled by Bloomberg.

``He is more credible if he is not part of Anheuser- Busch,'' Smith, who recommends holding the stock, said in an interview.

Modelo's controlling families may decide to buy the stake now owned by Anheuser-Busch or sell their shares after a transaction, analysts said.

Modelo's Stance

``I don't think they're willing to sell,'' said Marco Reyes, an analyst with Mexico City-based brokerage IXE Casa de Bolsa SA who recommends buying Modelo shares. ``If InBev buys Anheuser, Modelo will remain just as it is.'' Reyes is the top- ranked analyst in terms of Modelo recommendations, with his picks returning 9.9 percent.

Separately, InBev CEO Carlos Brito, addressing critics of the company's previous cost-cutting, said that Anheuser-Busch's wholesale distributors will be ``key'' should the brewers agree to a transaction.

The philosophy of the world's largest brewer is to cut ``non-working dollars'' within companies, Brito said in a video released on the Leuven, Belgium-based beermaker's Web site.

Before merging with Interbrew SA to form InBev, Brito cut costs by increasing the amount of beer the brewer shipped directly to retailers, forcing some distributors out of business.

To contact the reporter on this story: Duane D. Stanford in Atlanta at dstanford2@bloomberg.net.

Last Updated: June 20, 2008 20:01 EDT