Anheuser-Busch (BUD, $62.54, up $1.19) is rejecting InBev’s $46 billion bid and gave a forecast of higher 2008 and 2009 earnings that were above Wall Streets’ estimates. The stock had hit a 52-week high earlier in the session after BUD detailed its plan to make the company more valuable than the $65 per share offer it rejected from InBev. The company expects 2008 earnings to increase in the low double-digits which exceeded estimates of 8%. In it’s confrence call with investors, BUD also reiterated that the InBev bid undervalued the company and that it would not sell its packaging business or its SeaWorld and Busch Gardens theme parks. I’m glad BUD rejected the deal but I’m a little disappointed on how the shares have reacted. The big sell-off in the market yesterday didn’t have much of an impact on the stock but after news surfaced that InBev was going “hostile” with its bid, BUD’s stock price should have gone up in response. But the market debacle overshadowed everthing as the stock finished $0.35 lower and well below the $65-a-share offer price. Rick Rouse]]>