After a few days of quiet, InBev of Belgium pushed Anheuser-Busch Cos. to sit down and start talking about a takeover proposal.

The Belgian brewer on Tuesday said it remains committed to the buyout and will "pursue all available avenues" to make it happen — indicating the proposal could turn nasty in a hurry if InBev deems it necessary.

The $65 per share offered for St. Louis-based Anheuser-Busch reflects the "full and fair" value of the company, InBev Chief Executive Carlos Brito said in a statement Tuesday.

Anheuser-Busch, the brewer of Budweiser and Michelob, on Friday said InBev's $47.5 billion proposal is financially inadequate because it undervalues the company's assets, brands and ability to grow.

Brito fired back Tuesday, responding for the first time to Anheuser-Busch's rejection. He criticized the strategic plan presented last week by Anheuser-Busch as an alternative to a tie-up with InBev as having "significant execution risks."

He contrasted those risks with InBev's fully financed proposal that, he said, "provides immediate certainty of value in a weakened stock market environment."

Anheuser-Busch did not comment on InBev's statements.

Wim Hoste, an analyst with KBC Securities in Belgium, said InBev's proposal of $65 a share in cash seems to be a fair price, "given the past track record of Anheuser-Busch." The company's stock price ranged between $46 and $54 for most of the past two years.

But "now Anheuser-Busch comes out with a much more aggressive cost-savings program," Hoste said Tuesday. "It remains to be seen whether the company can meet all the goals it has set for itself."

Pete Hastings, a bond analyst at Morgan Keegan, said Friday that Anheuser-Busch's strategic plan of price hikes on 85 percent of its products, more spending on marketing and $1 billion in overall cost reductions by the end of 2010 is "not compelling."

Anheuser-Busch's defenses against an InBev takeover "are not that strong," Hastings wrote in a note to clients. He questioned the company's decision not to sell its theme parks to free up cash.

For his part, Brito said he was "surprised" that InBev did not hear from Anheuser-Busch's board of directors, management or advisers before Anheuser-Busch rejected InBev's plan on Friday.

"Neither the (Anheuser-Busch) board or management has shown any willingness to engage in a dialogue with InBev," bond analyst B. Craig Hutson of Gimme Credit told clients in a note Tuesday.

Brito touted InBev's track record of international expansion and said the proposed deal would create a stronger company with an unrivaled brand portfolio and distribution network.

"InBev's strong preference is to enter into a constructive dialogue to achieve a friendly combination that comprehensively addresses the interests of all constituents," Brito said. "At the same time, InBev remains committed to the combination and will pursue all available avenues that would allow Anheuser-Busch shareholders a direct voice in the process."

Last week, InBev filed a lawsuit in Delaware to argue that Anheuser-Busch shareholders have the ability under Delaware law to remove without cause all 13 members of the Anheuser-Busch Board. Anheuser-Busch has said it will challenge that claim.