US: No InBev decision from A-B board, Busch family member says sell
Anheuser-Busch has confirmed that its board has met to discuss the recent bid by InBev to acquire the US-based company.
A-B's board met on Friday (20 June), the company said, but no decision was taken on InBev's offer. "The board will continue to review and consider the proposal," the brewer said. No date for a decision on InBev's US$46.3bn offer was disclosed.
InBev, meanwhile, received support for its bid from an uncle of chief executive August Busch IV, this weekend. "As I reflected on the recent changes in the global beer business, the performance of A-B's share price over the last decade and the terms of the proposal being made to us by InBev, I realised that it is really not a choice at all. We can achieve value for our shareholders and preserve the legacy that has been created by the Busch family," Adolphus Busch IV said in a letter to A-B's board, obtained by Reuters.
"While personally I am very focused on the A-B heritage and the Busch family legacy, I have also considered the shareholder value implications of the InBev offer as compared to the prospects for A-B as an independent company.
"InBev's offer provides the opportunity for Anheuser-Busch brands to compete globally. I believe that as directors you have a fiduciary duty to commence negotiations with InBev in order to bring about this deal and allow the shareholders to receive the price proposed by InBev."
The Busch family owns around 4% of A-B but, while the stake is not enough to veto recommending the offer to shareholders, the family is thought to still hold a strong influence over the brewer's board.
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