This Board's Not for You
The takeover battle between
Anheuser-Busch and Belgian-Brazilian brewer InBev has escalated with a filing by InBev asking shareholders to remove and replace the board of Anheuser-Busch.
InBev, the maker of Stella Artois and Beck's, has repeatedly said that it is interested in a friendly deal with the brewer of Bud, which has rejected the $46 billion offer as "inadequate."
But today's preliminary consent statement filing shows that InBev is prepared to play hardball. Like Carl Icahn's proxy challenge against Yahoo, the move is a ploy to force Anheuser-Busch to the negotiating table.
InBev's rival slate of nominees to the 13-member board has something of a trump card: Adolphus Busch IV, great-grandson of the company's founder and uncle of
August Busch IV, the current C.E.O. of Anheuser-Busch. Other potential board members include Hank McKinnell, last seen bailing out of Pfizer with a $200 million golden parachute, and Ronald Dollens, former chief executive of heart-device maker Guidant.
A merger of the two brewers makes sense given that the industry faces slowing sales and rising commodity costs. But some have questioned the $40 billion in financing in InBev's offer. And a deal is already running into political opposition.





