Anheuser-Busch (BUD) - Get Report is set to reject a $46.35 billion takeover offer by InBev, according to a report on wsj.com.

The report says that Anheuser-Busch believes the bid undervalues the company and will offer an alternative plan, which could include selling its theme parks to raise its share price.

Earlier today, InBev said it had secured the financing for the $65-a-share offer.

Shares of BUD closed at $61.76 Wednesday, up 63 cents.

This article was written by a staff member of TheStreet.com.