Think that red, white and blue can of beer is American? Think again. Anheuser-Busch was sold to a foreign company in November of 2008. Want to get back to your roots and Drink American? We can help. Read More.
HomeNews/Blog Anheuser-Busch to Reject InBev; Drink American Stands Down from Boycott
In a move that has surprised many (including us) it's been reported that Anheuser-Busch plans to reject InBev's unsolicited $46.3 billion takeover offer, saying it undervalues the company.
It is with great pleasure that we would like to officially stand-down from the Anheuser-Busch boycott that we were suggesting take place on Independence Day. Those that had pledged to stand by our boycott understood the importance of dissuading members of the Anheuser-Busch board of directors from selling the All-American company to a foreign entity.
In rebuffing InBev's offer, Anheuser-Busch plans to map out its own restructuring plan soon that would include the sale of the company's theme park operations, The Wall Street Journal reported.
The plan also would include layoffs, more than $500 million in cost-cutting efforts and the sale of Anheuser-Busch's packaging unit, the New York Times added. Both are some unfortunate side-effects.
Billionaire investor Warren Buffett, whose Berkshire Hathaway is Anheuser's second-largest shareholder, told CNBC on Wednesday that he viewed the beer battle as "an interesting spectator sport" but had not thrown his support behind either side.