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InBev SA shares rose Friday amid a report that the Leuven, Belgium-based
brewer had lured Anheuser-Busch Cos. into friendly talks over its $46.3
billion takeover offer.
Citing people briefed on the matter, The New York Times reported that the companies have entered into discussions, putting four weeks of hostilities behind them. The report said the talks were launched after InBev signaled its willingness to pay more than the $65 a share it had offered in an unsolicited bid unveiled June 11. Since then, InBev's CEO Carlos Brito has written to August Busch IV at least three times, practically begging his U.S. counterpart to consider a deal.
Meanwhile, The Wall Street Journal reported Friday that InBev had raise its offer to $70 per share, citing sources familiar with the talks, and that A-B was likely to accept the sweetened bid this weekend. Since InBev unveiled its proposal last month, Anheuser-Busch has vehemently resisted InBev's pursuit, prompting widespread speculation that the Belgian brewer of Stella Artois, Bass and Beck's would be forced to go hostile or raise its offer. The companies had spent the past month fighting each other in the courts, with InBev seeking to replace Anheuser-Busch's entire 13-member board with one of its own choosing -- albeit one that would retain a member of the Busch family. Anheuser has accused its European peer of lying about its financing commitments. The American company also unveiled an aggressive $1 billion cost-cutting program in an effort to appease its shareholders. Around midday Friday in Brussels, InBev shares were up 5.2% at €43.60 ($69.38). Anheuser-Busch shares fell 9 cents, or 0.2%, to close at $61.21 on the New York Stock Exchange on Thursday. - Renee Cordes See full story on TheDeal.com See New York Times story See Wall Street Journal report See Dealwatch: Brewers Categories Deal Video
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