Financial thoughts

Anheuser-Busch Cos Inc’s (BUD.N: Quote, Profile, Research, Stock Buzz) board is in the hot seat after spurning a $46.3 billion takeover bid, facing questions over whether it is fulfilling its obligations to shareholders and not just the wishes of the brewer’s founding family.

The company’s suitor, InBev NV (INTB.BR: Quote, Profile, Research, Stock Buzz), has laid the groundwork to try to unseat the board — though Anheuser told investors on Friday that it would challenge the Belgian-Brazilian conglomerate’s claims that it could remove all 13 Anheuser directors without cause.

For sure, the board — which rejected InBev’s $65-a-share, all-cash offer — is facing pressure on multiple fronts.

The board, including members of the family that’s run the brewer for generations, has been grappling with the future of an iconic U.S. brand that is a large employer in its home base of St. Louis, Missouri.

Politicians have spoken out, with Missouri Gov online payday advance. Matt Blunt saying he was deeply troubled by a possible InBev deal though he had no power to stop it.

At the same time, some investors have favored the InBev offer as good for stockholders. While Anheuser said on Thursday that the InBev proposal was inadequate and it was moving forward with an internal growth plan, it did leave open the possibility of entertaining a bid at a higher price.

“The board probably feels strongly about keeping the company independent,” said Shirley Westcott, managing director of policy at shareholder adviser Proxy Governance Inc. “An investor is really looking for a good return on his investment, whether it’s a good offer from InBev or whether the company’s plan would provide comparable value.”

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