Anheuser-Busch calls InBev takeover bid illegal

"Given the state of the credit markets today, no group of financial institutions would unconditionally commit $40 billion to a borrower to pursue a hostile acquisition," the suit said, adding, "Any commitment letters InBev has received are certainly laden with conditions leaving the proposed financing banks free to walk away in any number of circumstances ..."

Meanwhile, InBev's motion filed Monday with the U.S. Securities and Exchange Commission appeals directly to Anheuser-Busch shareholders. The company wants shareholders to fire Anheuser-Busch's board of directors, and replace it with a slate chosen by InBev.

Anheuser-Busch's current board rejected InBev's offer, saying it undervalues the company. InBev said the $65 a share price is far above the $50 a share that the stock was worth before rumors about InBev's offer began to circulate.

Anheuser-Busch's stock rose 2 cents to close at $61.76 Tuesday.

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