InBev turns hostile in demand to remove Anheuser-Busch board
Tuesday 08 July 2008
InBev has turned up the heat in its $46bn (£23bn) takeover bid on Budweiser's owner Anheuser-Busch, calling for the target's entire board to be ousted in its first direct appeal to shareholders.
In the first formally hostile move, Inbev said it was to file a document with the Securities and Exchanges Commission "seeking to remove each member of the board of directors of Anheuser-Busch, and provide shareholders an opportunity to have a direct voice in the proposed combination with InBev". The document will be sent to shareholders within 20 days. Anheuser did not return calls asking for comment last night.
InBev has proposed installing an independent board to replace the existing one, after the US group rejected its $65 per share offer as "financially inadequate" last month.
All of the names proposed are independent of both companies except Adolphus Busch IV, the the uncle of the current president and chief executive August Busch IV. Others nominated by InBev include Henry McKinnell, the former chairman of Pfizer, and James Healey, the former chief financial officer of Nabisco.
Carlos Brito, InBev's chief executive, said its preference was to remain in "constructive" talks with Anheuser over a deal. So far, Anheuser has refused to enter into negotiations, forcing InBev to go directly to shareholders. Last month, InBev filed a suit to confirm Anheuser shareholders were able under Delaware law to remove the existing board. It is waiting for Anheuser to set a deadline for shareholders to reply, before it sends out the document to shareholders.
- 1 Rape threats, death threats and a police investigation after video poking fun at an Islamic Party in Malaysia goes viral
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Gamers confess the worst things they've done in The Sims
- 4 6-year-old writes ice cold Valentine's card to his stepmother
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Rape threats, death threats and a police investigation after video poking fun at an Islamic Party in Malaysia goes viral
Why Robin Williams safeguarded himself against a morbid trend in advertising
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Jeremy Clarkson to become 'special adviser on transport' to David Cameron
Exploding head syndrome: One-fifth of US college students suffer from ailment, study finds
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...