Anheuser-Busch Sues InBev Over Takeover Attempt
Anheuser-Busch sued InBev in an effort to stop its Belgian-Brazilian suitor from taking any more steps to replace the U.S. brewer's board of directors, which had rejected a $46.3 billion takeover offer from InBev.
The maker of Budweiser beer filed the suit Monday in U.S. District Court in the Eastern District of Missouri, where it is based.
The suit concerns what Anheuser called "an illegal plan and scheme by InBev, through a course of deceptive conduct, to acquire control of Anheuser-Busch at a bargain price."
The suit accuses InBev of making numerous "false and misleading statements" regarding the financing of its $65-per-share offer and its plans for the combined company, which would be the world's largest brewer, making a quarter of the world's beer.
Anheuser says in the lawsuit that it is "materially misleading" for InBev to tout its financing as fully committed because any commitments it has received "are certainly rife with conditions," allowing the proposed lenders to walk away in certain conditions.
The suit also questions InBev's claim it would make Anheuser's hometown of St. Louis the North American headquarters for the combined company, saying it would be impossible to manage InBev's business in Cuba from the United States.
The suit seeks an injunction to stop InBev from furthering its consent solicitation to replace Anheuser's board until these statements are fixed.
Officials from InBev were not immediately available to comment.