Anheuser-Busch Cos Inc plans to reject InBev NV's unsolicited $46.3 billion takeover offer, saying it undervalues the company, a source familiar with the situation said on Wednesday. Anheuser-Busch, the brewer of Budweiser beer, and InBev, the maker of Stella Artois and Beck's, could not be immediately reached for comment. In rebuffing InBev's offer, Anheuser-Busch plans to map out its own restructuring plan soon that would include the sale of the company's theme park operations, The Wall Street Journal reported. The plan also would include layoffs, more than $500 million in cost-cutting efforts and the sale of Anheuser-Busch's packaging unit, the New York Times added. "It sounds dead-on. It's what we were expecting. The interesting thing is what happens next." said Tom Pirko, president of Bevmark, a Santa Barbara, California-based beverage industry consulting firm.