Grokking A-B’s Hard Pass on CBA

Dear Client: Anheuser-Busch elected to take a pass on buying the remaining shares of Craft Beer Alliance at $24.50 a share (or about $475 million), as the deadline came and went on Friday without a deal [see CBD 08-24-2019]. This despite a "jilted at the altar" fee that A-B is n0w contractually obligated to pay of $20 million to CBA.  A-B already owns a 31.3% piece of the craft brewer.  Even though ABI isn’t biting now, they will still adhere