But Modelo has indicated it will not sell to Anheuser-Busch and has even held discussions about a deal with InBev. It remains unclear whether Anheuser-Busch's reorganization will satisfy investors. Anheuser-Busch lacks some common defenses against takeover offers. All its directors are up for re-election in any given year, which could give a hostile bidder an opportunity to stage a proxy battle, and the Busch family does not control the company through supervoting shares, as is the case with some other family businesses that are publicly held. Shares of Anheuser-Busch closed up 63 cents on Wednesday, at $61.76. InBev closed down 5 cents, at $73.70.