BELGIUM: InBev goes for A-B board removal
The Belgium-based brewer, which last month saw A-B's board reject its US$65-per-share purchase proposal, said today (7 July) that it will file a preliminary consent solicitation statement with the Securities and Exchange Commission in the US. The filing will seek to remove each member of A-B's board of directors and "provide A-B shareholders an opportunity to have a direct voice in the proposed combination with InBev".
The company has proposed a replacement board for A-B. Among the 13 is Adolphus Busch IV, an uncle of A-B's current president and CEO, August Busch IV. The proposed slate is "committed to acting in the best interests of A-B shareholders and will take an independent view on the proposed combination," InBev said.
A-B will be required to respond within 10 days of InBev's request with a record date.
Carlos Brito, InBev's CEO, said that the time had come "to take action" to ensure A-B shareholders have a more direct say in the process. "Our strong preference remains to enter into a constructive dialogue with A-B to achieve a friendly combination that comprehensively addresses the interests of all constituents," Brito said.
"To date, A-B has been unwilling to engage with InBev in a dialogue to achieve a friendly combination."
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