More on Hearing: Formalized Concessions

Dear Client:Yesterday morning, Stifel released a note on the MegaBrew hearing. "Without the clear framework for antitrust concerns [considering the MillerCoors divestiture in the states]," in their opinion, panelists opposing the deal "were left to air a series of mainly distribution and procurement related grievances, concerns we think they already hold."Still, they expect "a handful of [the hearing's] proposed concessions to be formalized in a consent decree as conditions to DOJ approval." Those include:-Exclusivity incentives.-Terminations and renegotiation triggers. As we