AB asks shareholders to reject InBev proposal

Wednesday, July 9, 2008

ST. LOUIS (AP) — Anheuser-Busch Cos. Inc. is asking its shareholders to reject a proposal from Belgian brewer InBev to replace Anheuser-Busch’s board of directors.

On Wednesday, Anheuser-Busch filed a consent solicitation with the Securities and Exchange Commission that outlines why shareholders should reject InBev’s proposal.

The filing says Anheuser-Busch should keep its current board because it will represent the interests of shareholders more than a board that is hand-picked by InBev.

The Belgian brewer made an unsolicited offer to buy Anheuser-Busch for $46 billion. The company’s board has rejected the bid, saying it is too low.

InBev asked shareholders this week to fire all 13 of Anheuser-Busch’s directors and replace them with a slate chosen by InBev.

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