DealZone

InBev NV hesitated on Wednesday to put an expiration date on its $46.3 billion offer for Anheuser-Busch Cos Inc, but hinted that its bid may not have an indefinite shelf life.

The Belgian brewer reminded Anheuser-Busch that “time is of the essence” for the offer and that it remains available to discuss its $65 per share offer. InBev said it had commitment letters for the deal’s financing from 10 banks, so it’s ready to pull the trigger on a deal at any time.

Without putting a definitive walk-away date on the offer, InBev kept its friendly demeanor. But the reminder makes clear that its interest in a cold Bud may not last forever.

Anheuser-Busch’s board of directors met last week to discuss the proposal, which would be the third-largest foreign takeover of a U.S. company ever. Yet, the maker of Budweiser and Michelob has yet to respond to the bid.

There’s only so long that Anheuser-Busch can utter the usual clichés that it will review the bid thoroughly and respond in due course before InBev, and even BUD shareholders, get impatient.

Although Anheuser-Busch has few takeover defenses to thwart a hostile bid, it may be difficult for InBev to bring the heat to the all-American beer, with politicians putting in their two cents and the possibility of union and employee resistance. Will it risk a hostile offer or look for another target?

Warren Buffett, who owns about 5 percent Anheuser-Busch, said the takeover saga remains an “interesting spectator sport.” For now, at least.