Abstract

The case discusses the takeover of US-based brewer Anheuser-Busch Companies, Inc.(Anheuser ) by Belgium-based brewer InBev SA (InBev). In November 2008, Anheuser accepted InBev’s USD$ 52 billion takeover offer after a battle that lasted more than 180 days. In June 2008, InBev made an offer to acquire Anheuser for $46.3bn, valuing each share at US$65. But the Anheuser Board rejected the offer saying it undervalued the company. The case explores the circumstances that led to Anheuser accepting InBev’s offer and provides a detailed account of the deal.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Understand the issues and challenges in Mergers and Acquisitions, particularly those involving a hostile takeover.
• Analyze the pros and cons of cross-border takeovers.
• Evaluate the takeover of Anheuser Busch and its potential synergies.
• Study the benefits to InBev and Anheuser from the takeover deal.
• Understand the role of acquisition as a growth strategy.

Keywords

Merger and Acquisitions, Takeover, Hostile takeover, Cross-border acquisition, Synergies, Post-merger Integration, Growth strategy, Global Brewer, Carlos Brito, Budweiser, Bud Light, Stella Artois, St. Louis, Inorganic Growth, Grupo Modelo SAB, InBev SA, Anheuser Busch Companies, Inc.