Anheuser-Busch is set to reject Belgian brewer InBev’s $46.3 billion unsolicited takeover offer, according to the Wall Street Journal, which cited people familiar with the situation.

The article posted to the Wall Street Journal’s Web site yesterday said A-B will argue that the $65 per share offer undervalues the company. A-B is also expected to present its own strategic plan, which could include the company selling its noncore assets, such as its theme park operation, to boost the company’s share price, according to the article.

Others in the industry have suggested that A-B may take cost cutting steps the company has never favored such as selling off company-owned distributors, layoff’s and readjusting a company culture of first class spending accounts.

A rejection of InBev’s offer is likely to prompt InBev to take its takeover proposal directly to A-B shareholders.

Brito called the $65 per share offer a “firm proposal” saying the market reaction to the proposal has been “extremely positive.”