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Friday, July 11, 2008
WSJ: InBev Ups Takeover Offer for Anheuser-Busch
FOXBusiness
InBev has upped its per-share offer to takeover Anheuser-Busch to $70, an increase of $5 a share, according to the Wall Street Journal.
The two beverage giants are now attempting to forge a friendly deal after weeks of back-and-forth negotiations and anxiety, according to the Journal. Just two weeks ago, Anheuser said that InBev’s offer of $65 per share “substantially undervalues” the company.
Anheuser's board may agree to the offer over the weekend, though “social issues,” including the name of the newly-formed company will still take time to work through, according to the Journal.
The path to an agreement has been complicated at best, especially in light of Anheuser-Busch’s lawsuit filed against InBev on Tuesday saying the takeover bid is an “illegal plan and scheme” to purchase Anheuser at a cut-rate price.
The suit states that Anheuser wants InBev's "numerous false and misleading statements” explained, including InBev’s statement that $40 billion in financing has already been secured, according to Dow Jones. Anheuser argues this would be difficult to do given the current credit climate.
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