InBev has issued a response following fellow family-owned brewer Anheuser-Busch's rejection of it's $65 per share takeover bid. The Belgian firm believes the offer is fair and "remains committed to its proposal to create the world's leading beer company."
"Our firm proposal of $65 per share reflects the full and fair value of the company," said InBev CEO Carlos Brito, who heard of the rejection in a letter from Anheuser-Busch president August Busch (click here to read the letter in full). Busch said the offer had been rejected as it did not reflect the true value of the business and was not in the best interests of the shareholders.
"In addition to guaranteeing immediate value for Anheuser-Busch shareholders, our proposal is predicated on an established track record of international expansion and consistent growth in profitability," Brito continued. "Given the seriousness of our proposal, we were surprised that we did not hear from Anheuser-Busch's board of directors, management or advisors prior to the rejection."
InBev also said it was pursuing "all available avenues that would allow Anheuser-Busch shareholders a direct voice in the process". Last week, InBev filed suit in Delaware to confirm that Anheuser-Busch shareholders have the ability under Delaware law to remove without cause all 13 members of the Anheuser-Busch board.
InBev seeks hostile takeover as Anheuser-Busch rejects proposal