In an attempt to save their jobs and their rearends, Anheuser-Busch Co. (NYSE: BUD) launched countermeasures against the hostile bid from InBev in an attempt to stop them from continuing on with its strategy of ousting the existing board in order to put in place one favorable to the deal.
The lawsuit centers around what is called a "consent solicitation," which would seek to get rid of each member of the Anheuser-Busch existing board. Anheuser is trying to get an injunction in order to stop InBev from proceeding with their actions.
It looks like the Anheuser legal strategy is to make it look like InBev is using "deceptive conduct" to gain control of the company. What they describe as deceptive conduct by InBev is the uncertainty of the existing credit market conditions which make it difficult to raise the needed $40 billion.
The lawsuit states "no group of lenders would unconditionally agree to loan InBev the $40 billion it will need."
I really don't see how a court could rule against InBev at this time. If the company makes an offer and need the $40 billion to seal the offer, it doesn't make much sense to file a lawsuit based upon an assumption that can't be proven unless the deal is allowed to go forward.
Of course the other side of it, is if a new board is seated, they could make a number of concessions or parts of a deal that could make it easier to conclude between the two companies; which isn't criminal or necessarily a bad thing to do to give the new entity a better chance at success.
Shareholders would already win from the $65-a-share offered, so the only losers would be those with vested interests.
I would be surprised if a court upheld the request, but I've seen stranger things be approved.
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