The first hurdle of InBev's takeover of Anheuser-Busch has been cleared.
InBev shareholders voted overwhelmingly in favor of the acquisition of all Anheuser-Busch shares for $70 each at the Belgian-based company's meeting earlier this week.
They also approved the name change of InBev to Anheuser-Busch InBev and the appointment of president and CEO August A Busch IV as a director of the new company.
“This vote demonstrates the confidence our shareholders have in the strategic and financial benefits of the combination with Anheuser-Busch,” said Carlos Brito, CEO of InBev. “We are very pleased to complete this important milestone and we remain on track to close the transaction by the end of the year.”
The next step is for Anheuser-Busch shareholders to approve the deal. A-B is scheduled to meet on October 3rd to consider and vote on the takeover.