Anheuser bites back at InBev
08 July, 2008
Anheuser-Busch directors came out fighting on Monday, launching a tirade against InBev plans to get them replaced and push through a $46bn takeover.
InBev said it would file a solicitation with the US Securities and Exchange Commission, seeking the power to sack Anheuser’s 13-strong board and install its own team.The pressure is rising on Anheuser in an increasingly bitter takeover battle.Anheuser (A-B) said InBev’s move was “a self-serving effort by InBev to try to purchase A-B for a price A-B’s independent board already has determined to be financially inadequate”. The Budweiser brewer also chose to highlight InBev’s business operations in Cuba, in what seemed an attempt to stir up political and legal issues. US businesses are banned from doing business in Cuba, and InBev has a partnership with the country’s communist government, via a subsidiary.A-B said it would respond to InBev’s SEC filing in the next few days.