I haven't written yet on the Anheuser-Busch buyout, but with its apparent readiness to fight for its life (or, more accurately, the life of its board), I can't resist any longer. Anheuser has filed a lawsuit against InBev, its unwanted suitor, alleging almost anything and everything to undermine its attempted ousting of its board. What I find most interesting, however, about its arguments against InBev's offer is the use of the credit crunch/crisis in its favour.
Specifically, Anheuser-Bush is arguing that InBev's claimed committment from a group of international banks on the $40 billion needed to finance the deal is questionable at the least. With the current state of the economy and weariness among financial institutions to commit to anything without significant caveats, Anheuser is suggesting that InBev couldn't possibly have a fully-committed issue without a variety of holes through which any number of the so-called committed banks could slip through and away from the deal. All this, of course, to play on the fears of shareholders that walking down the isle with InBev is by no means a worry-free walk towards the marital alter.
It's almost funny how Anheuser has gone so far as to allege links between InBev and Cuba in an attempt to really hit home among Americans resisting any foreign ownership in an icon as notable as the company behind Bud, but it goes to show how completely irrelevant matters can potentially affect the success of a proposed deal. The reality is, of course, if Anheuser appears attractive to InBev, then it's more than likely that it will appear attractive to others as well ...eventually. If Anheuser wants to really protect itself, it's got to look at its business, and not the courts, to strengthen its position and independence.
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