InBev seeks new Bud board in takeover battle

By Philip Blenkinsop and David Lawsky

BRUSSELS (Reuters) - InBev raised the pressure on reluctant bid target Anheuser-Busch on Monday with a plan to replace the U.S. rival's board of directors that has rejected its $46.3 billion (23.49 billion pound) takeover offer.

Belgium-based InBev filed a preliminary proposal with the United States Securities and Exchange Commission that would lead to Anheuser shareholders voting on the board's future.

InBev, the world's second-largest brewer by volume, said it wanted to give shareholders a voice in its proposed $65 per share takeover of the Budweiser and Michelob brewer in the face of the board's unwillingness to talk.

InBev, maker of Stella Artois, Beck's and Brahma, said it would ask Anheuser's board to set a "record date". InBev's bid to replace the board would succeed if a majority of holders of shares on that date later voted in favour of its plan.

Anheuser would have 10 days after InBev's request to respond with a date within 10 days after that, InBev said. InBev would have to submit to Anheuser written consents from shareholders within 60 days of the earliest dated consent.

The legal filing appeared to push InBev's takeover battle at least into the September/October period, analysts said.

"We believe InBev's move slows down a bit the pace of the takeover project," said Wim Hoste, analyst at KBC Securities.

The Belgian company also announced its own proposed board, including Adolphus Busch IV, an uncle of the current chief executive of Anheuser, and current and former executives of U.S. corporations.