Busch family member backs Anheuser-Busch board
NEW YORK (Reuters) - Andrew D. Busch, a member of Anheuser-Busch Cos Inc's (BUD.N) founding Busch family, said on Tuesday that he supports the current board of directors as the brewer fights to stop its suitor, InBev NV INTB.BR, from trying to unseat the board's 13 members.
Busch, an uncle of Chief Executive August A. Busch IV, who is not an employee or board member of the brewer, said in an open letter to shareholders that he trusts Anheuser's current board "to determine the right path - either to execute its long-term strategy for growth and value or to negotiate a legitimate arms-length proposal with InBev."
A copy of the letter, dated July 8, was emailed to Reuters.
Busch's statement comes a day after Belgian-Brazilian brewer InBev said it filed a preliminary proposal with U.S. security regulators that would lead Anheuser shareholders to vote on the board's future.
InBev, which makes Stella Artois and Beck's, also proposed an alternative slate to Anheuser's current board, which has rejected InBev's $46.3 billion takeover offer to create the world's biggest brewer.
"It's hard to understand how a group of directors carefully selected by and paid by InBev would be able to represent A-B shareholders well and put their interests first in any negotiation with InBev," wrote Busch. "Isn't the chief interest of InBev's slate of directors to sell A-B to InBev on terms favorable to InBev?"
The alternative slate includes Adolphus Busch IV, another uncle of the CEO, who has said he thinks a takeover of the maker of Budweiser and Michelob by InBev would have a positive impact.
(Reporting by Martinne Geller; Editing by Gary Hill, Leslie Gevirtz)
