ST. LOUIS (CN) – The Anheuser-Busch board of directors formally rejected InBev’s $46.35 billion buyout offer Thursday, the same day that InBev filed suit in Delaware state court, urging stockholders to remove the Anheuser-Busch board.
The Anheuser-Busch board unanimously voted against the offer. “InBev’s proposal significantly undervalues the unique assets and prospects of Anheuser-Busch,” said Patrick Stokes, chairman of Anheuser-Busch’s board, in a statement. “The proposed price does not reflect the strength of Anheuser-Busch’s global, iconic brands Bud Light and Budweiser, the top two selling beer brands in the world, with Budweiser selling in more than 80 countries today.”
Anheuser-Busch CEO August Busch IV also announced the American beer giant plans to slash $1 billion in costs through 2010.
InBev appears undeterred by the announcement. Its suit in Delaware is seeking a declaratory judgment stating that the stockholders of Anheuser-Busch can remove the board of directors without cause. If InBev wins the suit, it could pave the way for a hostile takeover attempt.