Craft Brew Alliance Shares Fall as Anheuser Busch Passes on Bid

Date : 08/23/2019 @ 4:29PM
Source : Dow Jones News
Stock : Craft Brew Alliance Inc (BREW)
Quote : 8.26  0.17 (2.10%) @ 1:00AM

Craft Brew Alliance Shares Fall as Anheuser Busch Passes on Bid

Craft Brew Alliance (NASDAQ:BREW)
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By Colin Kellaher

 

Shares of Craft Brew Alliance Inc. (BREW) fell more than 15% on Friday after beer giant Anheuser-Busch InBev A.B. (BUD) declined to make an offer for the company.

Under an earlier partnership, Anheuser-Busch had until Friday to make an offer of at least $24.50 a share for the roughly 70% of the craft brewing collective it doesn't already own.

Anheuser-Busch, which holds a 31.3% stake in Craft Brew Alliance, on Friday said it would instead make a $20 million one-time incentive payment to the Portland, Ore., company.

Craft Brew Alliance said the payment bolsters its balance sheet and said it would provide an update on its business strategy and full-year financial outlook on Sept. 5.

Anheuser-Busch said its partnership with Craft Brew Alliance "continues to be a key complement to our industry-leading craft portfolio and we look forward to working together for many years to come."

Craft Brew Alliance shares were recently down 16.6% to $10.81.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

August 23, 2019 11:14 ET (15:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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