Andy Thomas, chief executive officer of Craft Brew Alliance, Inc., based in Portland, Oregon, was waiting for Anheuser-Busch InBev SA/NV president Marcelo Michaelis to decide whether to exercise a pay-or-play option to buy the firm for US$24.50 per share or pay them $20 million. With the option expiring in two weeks, Thomas and Michaelis finalized their valuation analysis. If Michaelis didn’t exercise the option, then Thomas would need to be prepared to evaluate a counteroffer or remain independent. However, an activist investor was pushing for a sale. The case discusses the rise of the US craft beer market and the world’s largest beer company’s decision to assemble a portfolio of craft beer brands. The case provides information to complete a valuation analysis from both perspectives.
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