Anheuser-Busch criticizes InBev board move

Monday, July 7, 2008

ST. LOUIS (AP) -- Anheuser-Busch Cos. says InBev's plan to remove its board is an attempt by the Belgian beer maker to buy the company at a price that is too low.

InBev said earlier it will file a preliminary consent solicitation asking Anheuser's board to consult shareholders about replacing Anheuser's board. The move is part of its hostile $46 billion bid for St. Louis-based Anheuser, which Anheuser rejected two weeks ago, saying it undervalued the company.

Shareholders have the right to sue Anheuser's board if they feel the directors are not acting in their best interest. A majority of shareholders would need to back InBev's plan.

Anheuser-Busch is asking its shareholders to take no action and not sign or return any consent they may receive in the future from InBev.

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