Anheuser-Busch's board plans to meet in person this week for the first time since rival brewer InBev formally bid $46 billion for the company, the Financial Times reported, citing people close to the situation.
In a sign that Anheuser may not unequivocally reject InBev's advances, advisers will focus the board's attention on the valuation of the $65-per-share bid, the paper reported.
If Anheuser signals a willingness to negotiate over price, InBev will need to consider whether to stick with its first offer or boost it in an attempt to seal a deal, the FT said.
Anheuser board members and a spokeswoman could not be immediately reached for comment.
Earlier on Wednesday, InBev Chief Executive Carlos Brito refused to say what he would do if Anheuser rejected the takeover offer.
"It's a full price, it's a great price," Brito told Reuters in Washington, D.C., following a meeting with U.S. Sen. Christopher Bond, a Missouri Republican who opposes the plan.
Bond and other members of Missouri's congressional delegation ramped up their efforts on Wednesday to thwart the bid.