We noted yesterday that InBev officially announced its attempt to oust the entire Anheuser Busch board, but the dynastic politics of the St. Louis brewer always add a bit of color to the blandest corporate proceedings.
One interesting twist is that InBev nominated Adolphus Busch IV, uncle to August IV. While the Buschs’ entire holdings are less than 5% of the company, meaning that Adolphus isn’t going to swing the deal by himself, we appreciate a good family drama, preferably about uncles turning on their own dynasty.
Adolphus was the author of an earlier letter to the Anheuser-Busch board that pleaded with directors to accept, or at least consider, InBev’s offer. He stated that this was the only way that “Budweiser will once again be truly the ‘King of Beers.’” We like the melodramatic flourish at the end, but we would have begun the letter somewhat differently: “Now is the winter of our discontent, Made glorious summer by this sun of Bud.”
-senior royal family correspondent Andrew
Proxy Fight
There is absolutely no doubt that, to the extent such exists, the best reading in public filings with the SEC are in a few areas. Letters to management attached to SC 13Ds filings are always amusing, particularly when penned by a scribe with the dark sense of humor or acerbic with of Loeb or Chapman. Occasionally you might even find an S-1 that has potential. But for the real gold, sometimes you have to go to good old SC 14A, particularly in the face of a good, solid proxy fight. It is also hard not to be entertained by Rule 424 filings for things like sovereign bond issues. Consider these headings under “Recent Political Development” for a bond issue by the Republic of the Philippines:
Election Protest of Legarda
Arrests in Connection with Coup Attempts
Impeachment Complaints Filed Against President Arroyo
Communists and Affiliated Groups
Abu Sayyaf and Moro Islamic Liberation Front
Government Expropriation of Ninoy Aquino International Airport Terminal 3
Proposed Amendments to the Constitution
I mean really, when have any of Apple’s filings been so entertaining?
It is, officially, on.
A dissident investor stepped up pressure on The New York Times Co. Friday, formally proposing its own slate of four directors and saying the company needs to take more drastic action to compete online.
Harbinger Capital, an investment firm that now owns about 19 percent of the company, filed its own proxy statement with the Securities and Exchange Commission listing its nominees for directors to be elected at the Times’ annual meeting April 22.
The Times has already filed its own full slate of director nominees, but has said it was still considering whether to accept Harbinger’s candidates.
Fund Nominates 4 for N.Y. Times Board [Associated Press via Breibart.com]
