InBev Seeks to Oust Anheuser-Busch Board

July 7, 2008
InBev says new board would be 'composed of experienced, distinguished business executives, including a number of former chief executive officers of leading U.S. public companies.'

Belgian-Brazilian brewing giant InBev raised the stakes on July 7 in its takeover battle for Anheuser-Busch by lauching legal action to oust the board of the U.S. brewer.

Raising the pressure on the company to accept its $46 billion bid, InBev said it would seek support from Anheuser-Busch shareholders to replace the board and proposed an alternative line-up. "InBev's proposed slate is composed of experienced, distinguished business executives, including a number of former chief executive officers of leading U.S. public companies across various sectors," the company said. "They are committed to acting in the best interests of Anheuser-Busch shareholders and will take an independent view on the proposed combination."

InBev said that it would lodge the legal action with the U.S. Securities and Exchange Commission later on July 7.

InBev, which already owns leading brands such as Stella Artois, Beck's, Leffe and Brahma, aims to create an unrivalled global brewing giant by taking over Anheuser-Busch. But the St. Louis, Missouri-based company, brewer of iconic brands Budweiser and Bud Light, spurned the offer as "financially inadequate and not in the best interests" of shareholders.

Copyright Agence France-Presse, 2008

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