Word from several media sources is that Anheuser-Busch (BUD) will turn down a $46.4 billion offer from InBev. The offer had pushed BUD shares as high $62.72. In the previous five years, the stock never made it above $55.
The walk-away is arrogant. If the BUD board believes the company is worth over $60 a share, they have done nothing to demonstrate it. As recently as March, the shares were below $46.
The Wall Street Journal reports that BUD may consider selling off its theme parks and packaging businesses to improve shareholder value.
Hard to imagine why they did not think of that before.
Douglas A. McIntyre
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