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Rahul Singhvi, research analyst at K R Choksey Shares, said Tata Steel's financials would see a strain in the short-term if it raises its offer.
There was no outright rejection that a merger is possible so it remains possible that AB InBev could find a more genial response if it raises its offer further.
Yahoo has resisted Microsoft's overtures, contending that it will not negotiate unless Microsoft raises its offer.
The winner will presumably be the suitor that raises its offer the most.
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It raised its offer multiple times to compete with Hewlett-Packard.
Finally, in January, it raised its offer to $89.50, and the deal was done.
Within a month, it raised its offer, and touched off a lawsuit by PeopleSoft that accused Oracle of interfering with its business.
After Airgas rejected the February offer, Air Products tried again in July, when it raised its offer by 5.8% to $63.50.
Among stocks making big moves Tuesday, drugmaker AbbVie fell $1.71, or 3percentto to $55.69 following news that it raised its offer to buy another drug company, Shire.
Oberthur indicated it might raise its offer to 935p but when this too was rejected, it walked away.
It then raised its offer.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com