The white cards vs. the blue cards
In dueling SEC filings, both InBev and Anheuser-Busch make clear that they don’t just want shareholders’ votes. They also want good information about their supporters’ intentions.
InBev is asking shareholders to sign blue consent cards with “yes” votes on three proposals — one to oust A-B’s current board, one to elect InBev’s 13-member slate, and one to overturn any tricky bylaw changes that A-B’s board might be contemplating. Legally, if you hold your shares through a brokerage firm in “street name,” you’re supposed to submit your voting instructions through your broker. But InBev is asking for a copy “so that InBev will be aware of all instructions given and can attempt to ensure that such instructions are followed.”
For its part, A-B is asking shareholders to submit white “consent revocation” cards. If you support the brewery’s battle to stay independent, you really don’t have to do anything — a non-vote is the same as a no vote. But the folks down on Pestalozzi Street would like to see your white card anyway:
Although submitting a consent revocation will not have any legal effect if you have not previously submitted a consent card, it will help us keep track of the progress of the consent process. Regardless of the number of shares you own, it is important for you to deliver a WHITE Consent Revocation Card.
Knowledge, of course, is power. Clearly, each side is keen to know how many votes it has in its corner.
The actual politicking will be done by two proxy-solicitation firms — Innisfree M&A for InBev and Morrow & Co. for Anheuser-Busch. InBev is paying Innisfree more than $1 million, plus a $250,000 success fee if it wins. A-B hasn’t disclosed how much it is paying Morrow.
In terms of campaign workers, InBev seems to have a slight edge. It says 150 Innisfree employees will be working on its campaign. A-B says 125 Morrow people will be working on its defense.



David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page.
Doesn’t matter know, appears to be a done deal, I saw horse trailors this morning outside the brewer. Apparently the Clydsdales have already been sold to the glue factory. Man, Inbev is quick on that cost cutting stuff.