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InBev Tell Anheuser-Busch Time 'Of the Essence'

Reuters
Wednesday, 25 Jun 2008 | 9:57 AM ET

InBev Wednesday told its takeover target Anheuser-Busch that it has lined up financing for a deal and reminded the U.S. brewer that "time is of the essence".

It has been two weeks since the Belgian-Brazilian brewer launched its unsolicited $46.3 billion takeover bid, but the maker of Budweiser and Michelob has yet to respond.

Anheuser's board of directors met last week to discuss the proposal, which would be the third-largest ever foreign takeover of a U.S. company.

In his third letter to Anheuser Chief Executive August Busch IV, InBev CEO Carlos Brito said his company remains available to discuss its $65-per-share offer, but "time is of the essence."

Brito said InBev has received commitment letters for the financing for the deal and has paid $50 million in commitment fees to a lending group comprised of Banco Santander, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Deutsche Bank, Fortis, ING Bank, JP Morgan, Mizuho Corporate Bank and Royal Bank of Scotland.

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