US brewing giant Anheuser-Busch filed suit to block a hostile takeover by InBev, claiming the Belgian-based rival used "illegal" and "deceptive" conduct, court documents showed Tuesday.
The move by the top US brewer came after InBev raised the ante on its hostile bid by launching an effort with shareholders to dismiss the current board of Anheuser-Busch.
The suit dated Monday and filed in US District Court in St. Louis, Missouri, alleges "an illegal plan and scheme by InBev, through a course of deceptive conduct, to acquire control of Anheuser-Busch at a bargain price that does not adequately compensate shareholders for their investment in the company."
The US brewer asked the court to block the Belgian-Brazilian giant for taking any further actions in its 46-billion-dollar hostile bid "until such time as it has cured each and all of its false and misleading statements."
Anheuser-Busch said in the complaint that the effort began when InBev launched "a campaign of acquisition rumors" in May "through the dissemination of false and/or misleading statements."
The lawsuit said InBev used "materially misleading" statements intended to convince investors and others that it had obtained commitments for more than 40 billion dollars in financing "when in fact it had no firm commitment from any bank."
"Given the state of the credit markets today, no group of financial institutions would unconditionally commit 40 billion dollars to a borrower to pursue a hostile acquisition," the lawsuit said.
"Any commitment letters InBev has received are certainly laden with conditions leaving the proposed financing banks free to walk away in any number of circumstances."
On Monday, InBev raised the pressure on the US company to accept its 46-billion-dollar (29-billion-euro) bid, by saying it would seek support from Anheuser-Busch shareholders to replace the board and proposed an alternative lineup.
Among the new board members proposed by InBev figured Adolphus A. Busch IV, a great grandson of the founder of Anheuser-Busch and uncle of August A. Busch IV, the company's current president and chief executive who also happens to support InBev's bid.
Anheuser-Busch said it "urged its shareholders to take no action and not sign or return any consent they may receive in the future from InBev."
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