In response to a move by acquisitive InBev to remove Anheuser’s board of directors, Anheuser-Busch has struck back, urging its shareholders to block the move.
The maker of Budweiser and Michelob beers has filed a consent revocation statement against InBev, saying its board “unanimously opposes” InBev’s consent solicitation.
By moving to replace the 13-strong board with members chosen by InBev, the Belgian brewer is looking to put further pressure on Anheuser to accept a takeover bid. This follows a rejection of InBev’s $46.3 billion takeover offer, which would create the world’s largest brewer.
“We believe that the InBev consent proposals are solely designed to enable InBev to take control of your board in order to facilitate InBev’s acquisition of Anheuser-Busch pursuant to a proposal that your board has determined is inadequate and not in the best interests of the company’s stockholders,” said Anheuser.
“We believe that the existing board – which is predominantly composed of independent and disinterested directors – is better able to evaluate what action is in the best interests of the company’s stockholders, and better able to decide on a course of action that will protect and enhance stockholder value.” it added.
InBev has further added fuel to the fire by enlisting the help of Adolphus Busch IV – a member of Anheuser’s founding family and uncle of CEO August Busch IV – who supports the InBev takeover bid. InBev has said that if the present board were dissolved, they would appoint Adolphus Busch IV as a board member.