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AB InBev, the largest brewery in the U.S. and maker of Budweiser and Bud Light brands, owns slightly more than 31% of the Portland company. Under a 2016 agreement, it had an Aug. 24 deadline to buy the rest of CBA for a predetermined price of $24.50 per share – about $475 million altogether.
That’s 89% above CBA’s closing share price of $12.96 Thursday, signaling that investors thought a deal was unlikely at the option price.
So while the decision from AB InBev wasn’t a shock, it nonetheless sent CBA’s share price down 20.6% Friday morning, to $10.29. That’s the stock’s lowest point in three years.
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