Today the Anheuser-Busch board of directors rejected a bid by InBev to buy the St. Louis brewer for $65 a share. The board said the offer undervalued A-B. According to our story, board chairman Patrick Stokes said:

The proposed price does not reflect the strength of Anheuser-Busch’s global, iconic brands Bud Light and Budweiser, the top two selling beer brands in the world, with Budweiser selling in more than 80 countries today.

One might look at the board’s stance this way: We might be willing to sell the company — but not at the price you offered.

So is the board holding out for a better price? Or is it sincerely resisting a takeover attempt by the Belgium brewer? Is that a fruitful effort by A-B’s board? Or, realistically, is there anything they can really do to stop a takeover?