InBev NV (INTB.BR: Quote, Profile, Research) increased pressure on reluctant takeover target Anheuser-Busch Cos Inc (BUD.N: Quote, Profile, Research) on Monday with a plan to replace the U.S. rival's board of directors, which had rejected its $46.3 billion takeover offer.
Belgium-based InBev filed a preliminary proposal with the U.S. Securities and Exchange Commission that would lead to Anheuser shareholders voting on the board's future.
"InBev is increasing the pressure with this move," said Kris Kippers, analyst at Petercam. "It has also referred to the current weak market conditions. I think the chances are less that it will increase its offer."
InBev, the world's second-largest brewer by volume, said it wanted to give shareholders a voice in its proposed $65 per share takeover of the Budweiser and Michelob brewer in the face of the Anheuser board's unwillingness to talk.
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