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Anheuser-Busch
Sues Brewer InBev Over 'Bargain Price' Takeover Offer
Source:
WSJ
By
MARK TAYLOR and ANJALI CORDEIRO
July
8, 2008 4:23 p.m.
Anheuser-Busch
Cos. sued prospective buyer InBev, alleging the Belgian brewer's $65-a-share
offer for the U.S. company is illegal, and criticizing the offer as a
"bargain price."
Anheuser
also took steps to fend off InBev's efforts to oust its board.
Anheuser-Busch's
lawsuit is the latest salvo to be fired by the two brewers in what is turning
into a lengthy takeover battle. On Monday InBev raised the pressure on Anheuser
by filing a consent solicitation statement with regulators, seeking to remove
each member of Anheuser-Busch's board. Anheuser's lawsuit asks for an
injunction prohibiting InBev from taking any steps to further the consent
solicitation.
In
the suit, filed in St. Louis District Court, Anheuser-Busch accused InBev --
through use of "deceptive conduct" -- of trying to win control of the
U.S. brewer. An InBev representative couldn't immediately be reached.
Anheuser-Busch
claims InBev made "numerous false and misleading statements" with the
offer, particularly in connection with its financing. Given the current status
of credit markets, the suit claims, "no group of lenders would
unconditionally agree to loan InBev the $40 billion it will need."
In the lawsuit, Anheuser claims that InBev launched a
campaign of acquisition rumors in May 2008. Douglas Kraus, of the New York law
firm of Skadden, Arps, Slate, Meagher & Flom LLP, listed as outside counsel
in the filing, confirmed that the suit had been filed Monday. An Anheuser
spokeswoman confirmed that the U.S. brewer had worked with Kraus.
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