Ever since the Anheuser-Busch takeover saga started, I’ve been getting questions from A-B shareholders who say we’ve ignored the role of dividends in all of this. The general tone is this: I don’t need to jump at a $65-a-share offer, because I’m happy holding the stock and collecting A-B’s nice dividend. Here’s how a reader named Joshua phrased this sentiment in a voice-mail message:

It seems to me that every reporter is quick to announce the $65 share price. … It doesn’t seem like any reporters are focusing in on the consistent dividend that A-B has been paying its shareholders and the value to a shareholder of a 50-55 dollar piece of stock that’s paying a consistent dividend.  That needs to be part of somebody’s reporting. If I don’t sell for 65 bucks I’ve still got a 50-dollar stock that’s going to pay me a consistent dividend.  If you’re thinking long-term and consistent income, somebody who’s relying on that income would get a one-time shot and then it’s gone, whereas somebody who continues to own the stock would get a consistent dividend. A-B may be stagnant or it may be consistent, with mid-50s pricing and a consistent dividend.

Steve also asked about dividends during last week’s live discussion.

My answer to Steve, Joshua, and all the other dividend-focused investors out there: A-B’s dividend is good, but it can be replaced.

Bloomberg tells me that A-B’s dividend yield amounts to 2.1 percent, and that it has increased the dividend at a compounded annual rate of 11 percent over the past five years.

To answer Joshua’s point about “someone who’s relying on that income”: You can take the $65 a share and put it into a money-market fund. Those yield an average of 2.4 percent today, according to BankRate.com. That’s already higher than A-B’s dividend yield, and if you go with a 5-year CD you can earn nearly 4 percent.

Ah, but the beauty of dividends is that if you pick a good company, they will grow over time. One reader told me that he bought a few shares years ago, and now his annual dividends are greater than his initial investment. You can’t do that with a CD or money-market fund. Still, there’s a handy alternative investment: An S&P 500 index fund.

I looked up dividend statistics for the S&P 500, and they actually compare favorably. The index yields 2.39 percent, and its dividends have grown at a 13 percent annual rate over the past five years.

Bottom line: A-B’s dividend has made it a good buy-and-hold stock over the years. But, by itself, it’s not a reason to reject InBev’s $65-a-share cash offer.