3–11. Anheuser-Busch rejected InBev’s all-cash offer price of $65 per share on June 30, 2008, saying it undervalued the company, despite the offer representing a 35 percent premium to AB’s preannouncement share price. InBev refused to raise its offer while repeating its strong preference for a friendly takeover.

Speculate as to why InBev refused to raise its initial offer price. Why do you believe that InBev continued to prefer a friendly takeover? What do you think InBev should have done to raise pressure on the AB board to accept the offer?