InBev files notice to fire A-B board

Published: July 7, 2008 at 11:12 AM
Order reprints
(UPI Photo Files)
(UPI Photo Files) | Enlarge Enlarge
BRUSSELS, July 7 (UPI) -- Belgian brewer InBev said Monday it would remove the entire Anheuser-Busch board as part of its $46 billion hostile takeover bid for the U.S. brewing giant.

InBev said in a statement from Brussels it would file a "preliminary consent solicitation statement" with the U.S. Securities and Exchange Commission to remove the board of directors, The New York Times reported.

InBev, maker of Stella Artois, Beck's and Brahma beers, offered of $65 a share June 11 for Anheuser-Busch, maker of the U.S. version of Budweiser. The deal would have created the world's biggest beer company.

Anheuser-Busch rejected the proposal, announcing a massive reorganization to increase profits and cut up to $1 billion in costs.

Once a record date is set for the consent solicitation, Anheuser-Busch will have 10 days to respond, the Times said. A majority of the brewer's shareholders would have to approve the proposal.

The Belgian company said Anheuser-Busch has been unwilling to discuss a takeover.

"As such, InBev believes it is time to take action to ensure Anheuser-Busch shareholders are provided the opportunity to have a direct voice in the process and a say in the future direction of the company," InBev said.


© 2008 United Press International, Inc. All Rights Reserved.



Mauer joins All-Star Home Run Derby (4 min)
MLB: Minnesota 6, Chicago White Sox 4 (9 min)
Report: General wants more Afghan forces (12 min)
Language use may predict Alzheimer's (15 min)
Report faults wiretap program (17 min)
MLB: Tampa Bay 6, Oakland 0 (22 min)
UPI NewsTrack Sports (25 min)
fark
Probably the most spectacularly disturbing suicide you'll read about today
Photoshop these creepy earrings
Patronizing Tijuana hookers while on drugs may be unhealthy, according to Dr. N.S. Sherlock, of...
Defense lawyers request words like "polygamy,""cult" and "compound" not be used in their client's...
TSG Mugshot roundup: Twin billing
Barbie-Con visitors split on major issue: Are you allowed to open her box and play with it?