\n
\nInBev began taking legal steps Thursday to replace Anheuser’s board, seeking a court ruling in Delaware clarifying that Anheuser shareholders could oust all 13 directors by written consent without cause. <\/p>\n<\/blockquote>\n
<\/li>\n
- Contrary to earlier reports, A-B has announced that it will NOT sell its Busch Garden amusement parks.\n<\/li>\n
- A-B has warned that InBev will cut jobs (which indeed InBev has done in aggressive fashion at previous purchases). Ironically, that is what A-B itself has announced it will do to save $1 billion dollars in operating costs by 2010. It also announced that it will raise prices and buy back shares.\n<\/li>\n
- A-B says that InBev, with its cash proffer of $65-a-share, has undervalued the company. There are rumors, however, that a bid in the $70s-per-share might be acceptable to the board.
\n\nAnheuser estimates that the measures it is undertaking to improve earnings would result in a share price of $62, according to people familiar with the matter. That figure, however, doesn’t include a takeover premium. Such premiums are typically in the range of 30%. Anheuser stock, which has been boosted by InBev’s offer, closed on Friday at $62.26, up 91 cents, in 4 p.m. New York Stock Exchange composite trading.<\/p>\n
InBev prefers a calculation that doesn’t include Anheuser’s 50% stake in Mexican brewer Grupo Modelo SA or its 27% stake in Chinese brewer Tsingtao. By that method, InBev’s offer values Anheuser at 12 times 2007 earnings before interest, taxes, depreciation and amortization. <\/p>\n
Anheuser prefers to reflect the value of both Modelo and Tsingtao, however. Including those holdings, it says InBev’s offer is only worth 11.5 times Anheuser’s 2007 Ebitda [earnings before interest, taxes, depreciation, and amortization]. What’s more, it puts the value of other recent beer deals, including the purchase of Scottish & Newcastle PLC by Heineken NV and Carlsberg A\/S in the 13-14 times Ebitda range.<\/p>\n<\/blockquote>\n<\/li>\n<\/ul>\n
Anheuser to Slash 1,000 Jobs, Raise Prices<\/a>
Wall Street Journal
June 28, 2008<\/p>\nPrevious posts:<\/p>\n
\n
- A-B vs. Interbrew: The battle is joined.<\/a> [26 June 2008]
<\/a><\/li>\n- Will InBev’s Bud hurt craft brewers?<\/a> [15 June 2008]<\/li>\n
- It’s now a matter of dollars and euros at Anheuser-Busch<\/a> [12 June 2008]<\/li>\n
- SaveBudweiser.com?<\/a><\/li>\n
- A-B deathwatch: 1 June<\/a><\/li>\n
- Bud to be sold? part3<\/a><\/li>\n
- Bud to be sold? part2<\/a><\/li>\n
- Budweiser for sale?<\/a><\/li>\n
- InBev now world’s largest brewer (over A-B)<\/a> [2007]<\/li>\n<\/ul>\n
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