Anheuser-Busch Cos. reiterated Monday that its board of directors is studying a takeover bid by InBev, but the St. Louis-based brewer gave no indication of when the board might reach a decision.

On Wednesday, Belgian brewer InBev made a nonbinding offer of $65 a share in cash to acquire Anheuser-Busch. InBev says the cash value of the deal would be $47.5 billion.

In a terse letter addressed to InBev Chief Executive Carlos Brito, A-B CEO August A. Busch IV said that the board is evaluating the proposal carefully and in the context of all relevant factors, including the brewer's long-term strategic plan.

"Our Board will pursue the course of action that it in the best interests of Anheuser-Busch's stockholders and expects to make its determination in due course," Busch wrote in the letter, which was sent to the news media.

Busch also declined to discuss media reports about talks between Grupo Modelo and Anheuser-Busch about a possible acquisition of the Mexican brewer. He said "it is Anheuser-Busch's policy not to confirm, deny, comment on or speculate on rumors."

Busch's letter was in response to InBev's letter on Sunday that warned the brewer that a merger with Modelo would endanger InBev's $65 a share offer.

Speculation has been mounting that Anheuser-Busch may try to acquire Modelo as a tactic to avert InBev's takeover.

Anheuser-Busch already has a 50 percent stake in Modelo, Mexico's largest brewer and the maker of Corona. By acquiring the other half, the St. Louis brewer might make itself too expensive for InBev. Analysts have speculated that such a deal could cost Anheuser-Busch as much as $15 billion.

However, analysts are skeptical that A-B could quickly take over the Mexican brewer given the cool relationship between the two brewers and family-run Modelo's preference to remain independent.

Meanwhile, British newspaper The Observer reported Sunday that billionaire Warren Buffett plans to meet with Busch this week to discuss the InBev merger. Buffett's Berkshire Hathaway owns a 5 percent stake in the St. Louis-based brewer.

Citing anonymous sources, The Observer reported that Buffett believes the Busch family should consider discussions with InBev rather than reject the bid outright.