• The Wall Street Journal , Thursday, June 26, 2008 10:01 AM

In readying an argument that InBev's NV's unsolicited $46.35 billion offer to acquire it is inadequate, Anheuser-Busch is preparing its own strategic plan for the company that includes options such as selling its theme-park business, which could fetch $3 billion, people familiar with the situation say. Anheuser also may explore selling its packaging business, which could fetch around $1.5 billion.

Anheuser approached its Mexican partner, Grupo Modelo SA, about cutting a deal to fend off InBev. But those talks appear not to have made any progress. Such a transaction would likely entail Anheuser acquiring all of Modelo, of which it already owns 50%.

Ultimately, the move isn't likely to deter InBev, which has put together a carefully crafted battle plan, according to people familiar with the matter. InBev, of Leuven, Belgium, is prepared to take its offer directly to Anheuser shareholders via a tender offer that Anheuser has few defenses to stop, these people say. InBev has yet to decide whether to pursue such a course, however.

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