InBev has made an interesting tactical move to call for the removal of Anheuser-Busch’s board of directors, but its decision not to launch a tender offer for Anheuser’s shares suggests it still aims to lure the Budweiser brewer into takeover negotiations

InBev’s move to assemble an alternate board slate appears antagonistic, particularly because Adolphus Busch IV – a member of Anheuser’s founding family, who is at odds with the company’s Busch family executives over InBev’s $46bn bid – is one of the nominees.