WILMINGTON, Del. (CN) – Belgium company InBev sued Anheuser-Busch in Delaware Chancery Court, seeking to remove all 13 of its directors in an effort to buy out the company for $65 per share in cash. The lawsuit follows a rash of shareholder class actions accusing brewer executives of actively resisting the lucrative $46.35 billion deal.
Shareholders claim Anheuser-Busch executives balked at the bid and took defensive measures, including entering into preliminary talks about a merger with Mexico’s Grupo Modelo SA.
They say the proposed merger was a hostile gesture meant to derail InBev’s offer and would make the company too big for InBev to buy. Instead, they want Anheuser-Busch to consider the Belgium company’s offer.
InBev says the court needs to authorize the directors’ removal, so that InBev can “present accurately to AB’s stockholders” its offer before the issue comes up for vote.
InBev is represented by Young, Conoway, Stargatt and Taylor LLP.