Yesterday, InBev CEO Carlos Brito sent an annoyed letter to Anheuser-Busch’s board, complaining about A-B’s talks to take over the rest of Grupo Modelo. Brito warned, “In light of the reports, we believe it is important for you and your Board to understand that our proposal to combine with Anheuser-Busch by means of acquiring all Anheuser-Busch outstanding shares for $65 per share in cash is made on the basis of Anheuser-Busch’s current assets, business and capital structure.”The issue is this: if Bud buys the Modelo Group, it will be too big for InBev to swallow. (Mainly because InBev has to go $40 bil in debt to swing the deal in the first place.) I have no idea what the shareholders will think, but putting the Modelo deal on the table is certainly a wise--it puts control back in A-B's hands and gives the company options. The irony is that InBev here is playing the American role--invading a company, but telling the invadees it's for their own good. Makes you sort of root for Bud, doesn't it? Sort of.