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InBev files notice to fire A-B board

July 7, 2008 at 11:12 AM   |   Comments

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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. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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