Despite Anheuser-Busch rejecting InBev’s $46.3 billion acquisition bid last week, the Brussels-based brewer is not giving up. InBev is now seeking to replace A-B’s board of directors with its own slate of officers, which includes Adolphus Busch IV, the uncle of current A-B president and CEO August Busch IV.
InBev said today it would file a solicitation statement with the Securities and Exchange Commission to remove the St. Louis brewer’s existing board and give A-B shareholders an opportunity to vote on a proposal to merge the companies by buying outstanding common stock shares for $65 in cash.
Adolphus Busch, though not an officer or a company employee, previously had expressed support for InBev’s bid in a letter to the board. August Busch IV, his nephew, and August Busch III, his half-brother and former chairman, oppose the merger.
In a letter sent to InBev’s board last week, August Busch IV called the offer “financially inadequate,” while InBev’s CEO Carlos Brito contended the proposal is of “full and fair value to the company.”
“To date, Anheuser-Busch has been unwilling to engage with InBev in a dialogue to achieve a friendly combination,” Brito said in a statement. “As such, InBev believes it is time to take action to ensure [A-B] shareholders are provided the opportunity to have a direct voice in the process and a say in the future direction of the company.”