Busch family member backs "strong" Anheuser-Busch
NEW YORK (Reuters) - Andrew D. Busch, a nonemployee member of Anheuser-Busch Cos Inc's (BUD.N) founding Busch family, said on Saturday that he supports the U.S. brewer's efforts to remain "a strong company headquartered in St. Louis."
Busch, an uncle of Chief Executive August A. Busch IV, said he supports his nephew, the board of directors and the management team of Anheuser-Busch as they evaluate and respond to the $46.3 billion takeover bid by Belgian-Brazilian brewer InBev NV INTB.BR.
"I believe that Anheuser-Busch has created substantial shareholder value over the long term and that it will continue to maintain the best interests of the shareholders and employees," Busch said.
However Busch, who is not a company employee and has no role in decisions about the company's future other than as a shareholder, stopped short of recommending that Anheuser should reject InBev's $65-per-share bid.
Andrew Busch has "substantial" shareholdings in the maker of Budweiser and Michelob, according to a spokesman who declined to provide more details, including whether Busch supported rejecting the bid.
Busch added that he does not speak for other family members.
The statement comes a day after Anheuser's board met face-to-face for the first time since receiving InBev's unsolicited takeover bid. The company issued a statement late on Friday saying that no response had been made by the board and that it would continue to review and consider the proposal.
Anheuser-Busch has been family run for most of its history, which dates back to 1861, when Adolphus Busch married Lilly Anheuser and went to work at her father's brewery.
The management and the Busch family are widely believed to want to remain independent, though the clan's stake is now roughly 4 percent, not enough to veto a deal.
Yet Adolphus A. Busch IV, another uncle of the CEO, has thrown his support behind InBev, whose beers include Stella Artois, Beck's and Bass. In a statement on Friday Adolphus Busch said InBev's proposal contained a number of commitments that satisfied his primary concerns and urged the board to negotiate with InBev to bring about the deal. As a public company, "decisions could no longer be made simply because they benefited our family," Busch said.
Analysts and industry experts have been expecting the company to play for time as it tries to find alternative options, which may include trying to buy out Mexican brewer Grupo Modelo (GMODELOC.MX), a restructuring plan, or negotiating a higher price.
(Reporting by Martinne Geller; Editing by Eric Walsh)
