Belgian-Brazilian brewer InBev raised the pressure on top managers at Anheuser-Busch Monday by moving to oust the brewer’s board.
InBev filed a consent solicitation statement with the SEC seeking to remove each member of the board. A consent solicitation is a request to the shareholders for the consent of a material change within the company. If the majority of stakeholders consent then the issuer can go ahead with the changes.
InBev, the Belgium-based maker of Stella Artois and Labatt Blue, said the move would give A-B shareholders an opportunity to have a direct say in the proposed merger.
InBev filed to replace the Anheuser-Busch board with its own list of directors, including Adolphus Busch IV, the uncle of Anheuser-Busch Chief Executive August Busch IV; James Healey, former senior financial chief of Nabisco Group Holding; and Henry McKinnell, a former Pfizer CEO.
InBev’s nominees also include Marjorie L. Bowen, G. Peter D’Aloia, Ronald W. Dollens, John N. Lilly, Allan Z. Loren, Ernest Mario, Paul M. Meister, William T. Vinson, Lawrence Keith Wimbush and Larry D. Yost.
InBev is proposing to offer $65 a share in cash for Anheuser-Busch — valuing the U.S. brewer at $46.35 billion. Anheuser-Busch officially spurned the approach late June, saying the offer undervalued the company, and suggesting instead a plan to boost earnings growth to win shareholder support for staying independent.
