Anheuser-Busch rejects InBev

Thank G-d. The A-B board has rejected a hostile takeover bid:

The board of directors of Anheuser-Busch Cos. has rejected InBev’s $65-per-share takeover bid as “financially inadequate and not in the best interests of Anheuser-Busch shareholders.”

“InBev’s proposal significantly undervalues the unique assets and prospects of Anheuser-Busch,” said Patrick Stokes, chairman of the board for the company, in a statement. “The proposed price does not reflect the strength of Anheuser-Busch’s global, iconic brands Bud Light and Budweiser, the top two selling beer brands in the world, with Budweiser selling in more than 80 countries today.”

Stokes said the proposal “also undervalues the earnings growth actions that the company had already planned, which have significant potential for shareholder value creation; the company’s market position in the United States, the most-profitable beer market in the world; and the high value of its existing strategic investments.”