UPDATE 3-InBev prods Anheuser-Busch board to respond
(Recasts, adds comments from analyst, byline)
By Martinne Geller
NEW YORK, June 25 (Reuters) - InBev NV lightly prodded its takeover target Anheuser-Busch Cos Inc on Wednesday to respond to its unsolicited $46.3 billion bid and gave further details on its proposed financing.
It has been two weeks since the Belgian-Brazilian brewer launched its bid for the largest U.S. brewer but the maker of Budweiser and Michelob beers has yet to respond. The proposed takeover would create the world's largest brewer, surpassing London-based SABMiller.
In his third letter to Anheuser Chief Executive August Busch IV, InBev CEO Carlos Brito said his company remains available to discuss its $65-per-share offer, but "time is of the essence."
Brito also said InBev has received commitment letters for the financing for the deal and has paid $50 million in commitment fees to a 10-bank lending group made up of Banco Santander, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Deutsche Bank, Fortis, ING Bank, JP Morgan, Mizuho Corporate Bank and Royal Bank of Scotland.
When InBev launched its bid on June 11, it said it had "strong support" from a group of eight banks. The list then did not include Bank of Tokyo-Mitsubishi or Mizuho Corporate Bank. InBev did not explain the addition of the two Japanese banks.
Warren Chen, managing director of mergers and acquisitions research for proxy advisory firm Glass Lewis, said InBev could have broadened its syndicate to further spread the risk.
WEEKS? MONTHS? Continued...
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