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Why SABMiller Rejected 3 Anheuser-Busch InBev Bids
The partial shares option structured with ABI’s proposal is not an advantageous option for many of SABMiller shareholders. This is due to the illiquidity of the restricted shares proposed to be issued by ABI under the option.
Altria’s Valuation Is Higher than Peers ahead of 2Q16 Results
Altria Group (MO) and Philip Morris International (PM) are trading at higher valuations relative to the S&P 500 Index (SPY) (IVV) (VOO) and the Dow Jones Industrial Average (DIA).
Analyzing Altria’s Response to ABI’s Bid for SABMiller
Altria’s support as SABMiller’s largest shareholder is vital. The company has held a stake in SABMiller since 2002.
Anheuser-Busch InBev Bids for SABMiller: Analysis
On October 7, Anheuser-Busch InBev announced a formal cash bid of 42.2 pounds per share to SABMiller’s board. This was the third offer rejected by SABMiller.
The Proposed ABI-SABMiller Deal: Will Market Concentration Rise?
The top five beer brewers accounted for nearly 52% of the total global sales volume in 2014. ABI is the leader worldwide with 20.8% of the market share.
Altria Missed Revenue Estimates in Fiscal 4Q15
Altria’s (MO) net revenue of excise taxes increased 2.5% to $4.7 billion in fiscal 4Q15. But it missed revenue estimates after beating them for five consecutive quarters.
Boston Beer Company: An introduction to better beer business
Boston Beer Company Inc. (SAM) is the largest craft brewer in the United States, having sold ~2.7 million barrels of proprietary core brand products.
STZ Can’t Go Wrong with Corona in Its Beer Segment
Following a strong performance by the Beer segment in the first half of fiscal 2017, Constellation Brands (STZ) expects the segment’s net sales for fiscal 2017 to grow 16%–17%.
Will Constellation Brands’ Beer Portfolio Continue to Impress?
Constellation Brands (STZ) is leveraging the strong demand for its imported beers. It has an impressive portfolio of Mexican beer brands.
Assessing FDIVX’s Year-to-Date Portfolio Changes
The Fidelity Diversified International Fund (FDIVX) primarily invests in non-US securities and prefers common stocks for investing in equities.
What Will Drive Consumerism in the UK after Brexit?
After the UK’s exit from the European Union (EZU) (HEDJ), it’s expected that the UK’s economic activity will fall.
Can Constellation Brands’ Beer Business Continue Its Strong Run?
In fiscal 2016, which ended on February 29, 2016, Constellation Brands’ beer business accounted for 55.3% of the company’s sales, up from 52.9% in fiscal 2015.
Altria Missed Estimates Last Quarter—How Was Its 1Q16?
After missing revenue expectations last quarter, Altria came in ahead of analysts’ estimates in 1Q16. Analysts had projected revenue of $4.4 billion.
By How Much Did Altria’s 1Q16 Earnings Outperform Estimates?
Altria Group (MO) released its 1Q16 earnings on April 28, 2016. Its adjusted diluted EPS (earnings per share) rose 14.3% to $0.72 in 1Q16.
Constellation Brands to Acquire Prisoner Wine Brands
Constellation Brands (STZ) is acquiring The Prisoner Wine Company’s portfolio of brands from Huneeus Vintners, a fine wine company.
Which Company Issued the Most High-Grade Bonds in 1Q16?
US corporates dominated the primary market for high-grade bonds in 1Q16 ended March 31, 2016. US corporates made up 32.2%, or $147.7 billion, of all issues.
What You Should Know about the Fidelity Advisor Overseas Fund
The Fidelity Advisor Overseas Fund – Class A (FAOAX) was incepted in September 1996 and has an expense ratio of 1.4%.
Constellation Brands Plans to Ramp Beer Production
Constellation Brands is ramping up its beer production capacity in response to rising demand. The company’s beer brands are quite popular with US consumers.
How PEUGX Managed to Place in the Middle of the Pack in 2015
What saved PEUGX in 2015 were its picks from the consumer staples, telecom services, and utilities sectors.
Will Altria Group Beat Wall Street’s Revenue Estimates in 4Q15?
Altria Group is set to release its 4Q15 and 2015 earnings on January 28, 2016. MO’s earnings were in-line with Wall Street analysts’ expectations in 3Q15.
Anheuser-Busch Had Record Issuances in High-Grade Bonds Last Week
Anheuser-Busch InBev (BUD) issued $46.0 billion in high-grade bonds rated A2/A- rated on January 13. This was the second largest high-grade bond issuance on record.
Healthcare Spoiled PEUGX’s Year-to-Date 2015
In the trailing-one-year period, PEUGX has returned 1.0%, while from November’s end until December 22, the fund has fallen 4.5%.
Why October Wasn’t the Month for the Putnam Europe Equity Fund
The Putnam Europe Equity Fund rose 4.5% in October 2015 from a month ago. It fell 4.7% in the three-month period ended October 30, 2015.
The Biggest Risks Facing an Anheuser-Busch InBev–SABMiller Deal
SABMiller’s board has refused three bids made by Anheuser-Busch InBev. ABI’s third offer was for 42.15 pounds per share.
The Tailwinds Favoring an ABI–SABMiller Transaction
ABI expects to finance the transaction using a combination of internally generated cash and external debt.
An Analysis of Anheuser-Busch InBev’s Debt Levels and Leverage
ABI could leverage ~$50 billion through debt financing. As of June 30, its total debt was ~$51.5 billion, with a total-debt-to-total-assets ratio of ~35.9%.
Projected Synergies from an Anheuser-Busch InBev–SABMiller Deal
ABI is a leading company in the consumer staples sector. It has had a strong record of integrating acquisitions and delivering synergies ahead of target.
Anheuser-Busch InBev’s Acquisition of SABMiller: Divestitures at a Glance
ABI has been one of the most active companies in the acquisition of other beer firms. The Belgium-based company itself came from a prior $52 billion deal.
Altria and Other Elephants in the Room during a Potential ABI-SABMiller Deal
Altria Group owns about 27% of SABMiller. Based on market cap stats as of September 21, that’s about 23% of Altria’s market value.
