Craft Brew Alliance Stock Skyrockets on Anheuser-Busch InBev Acquisition Bid
Shares of Craft Brew Alliance (NASDAQ: BREW) surged by more than 120% on Tuesday, following news that Anheuser-Busch InBev (NYSE: BUD) has agreed to buy its remaining stock at a huge premium.
AB InBev already owns a 31.2% stake in Craft Brew Alliance. It's seeking to acquire the rest of the company's stock for $16.50 per share -- a premium of 125% to CBA's closing price on Monday.
"Today's announcement represents an exciting next step in a long and successful partnership with Anheuser-Busch, whose support for the growth of our business and brands traces back over 25 years," CBA CEO Andy Thomas said in a press release.
Source Fool.com
