Call it the hostile "nudge." Anheuser-Busch InBev's $104 billion offer to acquire SABMiller is all about trying to nudge SABMiller into accepting the deal without Anheuser-Busch InBev having to go into full-fledged hostile bid mode. A news release Wednesday merely stated that Anheuser-Busch InBev was disclosing an offer that it had made to SABMiller, but it did not take the next step of formally starting an exchange offer to SABMiller shareholders, which is the final step that bidders take when they make a hostile bid. This is why if you read this now public offer, known as a teddy bear-hug letter, it is littered with phrases like "we have the highest respect for SABMiller" and that this offer is "an extremely compelling opportunity" for SABMiller shareholders. The reason is twofold. First, it is always nice to avoid a full-fledged hostile takeover, and this language is often included in the first communications of a bidder.