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InBev looks to sidestep A-B board

Published:  23 July, 2008

InBev has announced it will file a preliminary consent solicitation statement with the US Securities and Exchange Commission to remove each member of the Anheuser-Busch(A-B) board of directors and provide A-B shareholders with a direct say in the proposed merger.

Anheuser-Busch was the subject of an unsolicited $46bn takeover bid by InBev last month but rejected it in late June dismissing the $65-a-share offer as "inadequate".

Carlos Brito, InBev CEO, said: "We believe our firm offer of $65 per share reflects the full and fair value of Anheuser-Busch and is a compelling proposal for shareholders.

"In comparison, the Anheuser-Busch newly formulated plan entails significant execution risks and does little to address the fundamental competitive challenges the company faces in an increasingly global industry."

A company statement added: "To date, Anheuser-Busch has been unwilling to engage with InBev in a dialogue to achieve a friendly combination.

"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."