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InBev "remains committed" despite A-B rejection

Published:  23 July, 2008

InBev has announced its remains committed to seeing through its $46bn offer for Anheuser-Busch despite the Budweiser manufacturer's rejection last week.

The European company, which brews the Stella Artois brand, said it was still dedicated to its $65-a-share offer, which it described as a "firm proposal supported by fully committed financing".

In a letter from its CEO, InBev also revealed it was surprised not to have heard from Anheuser-Busch's board of directors prior to the rejection given the "seriousness" of the proposal.

Carlos Brito, InBev CEO, wrote: "Our firm proposal was rejected in favour of a newly formulated management plan with significant execution risks.

"Given the seriousness of our firm proposal, we were surprised that we did not hear from Anheuser Busch's Board of Directors, management or advisors prior to the rejection.

"InBev's strong preference is to enter into a constructive dialogue to achieve a friendly combination that comprehensively addresses the interests of all constituents."