Spurned InBev replies to Anheuser-Busch
Unfortunately, and as expected, InBev announced today that they are committed to their $65-per-share offer for Anheuser-Busch and said they “will pursue all available avenues” to allow A-B shareholders to have a direct voice in the process.
On June 26, A-B formally rejected InBev's $46.3 billion takeover proposal, calling the $65-per-share offer “financially inadequate and not in the best interests of Anheuser-Busch shareholders.” InBev is laying the verbal groundwork to go hostile on A-B's ass by either organizing the removal of Anheuser-Busch board members or by taking InBev's offer directly to Anheuser-Busch shareholders.
I understand how InBev can try to buy the publicly traded company right out from under the Busch's butts (offer the shareholder's more than the stock is worth) but how on earth do they remove the board? InBev has filed suit in Delaware (where A-B is incorporated) asking the court to confirm A-B's shareholders can remove without cause all 13 members of the A-B board. This is kinda like asking the lunatics to run the asylum. How about letting the people with the most knowledge and access to information run the company? If the board recommends NOT selling (A-B approved an enhanced retirement program to be offered to certain salaried employees in connection with its plan to reduce costs and improve efficiency) then hey, maybe you shouldn't sell.
