Photo: Anheuser-Busch InBev Present Offer for 50% Stake in Mexico's Grupo Modelo
Anheuser-Busch InBev has launched a tender offer for the 50 percent stake it does not already own in Mexican brewer Grupo Modelo.
In a filing with the Mexican stock exchange, Grupo Modelo said a wholly owned subsidiary of AB InBev offered to pay $20.1 billion, or $9.15 per share.
The previously announced tender offer will expire on May 31 unless it is extended and “is not subject to any minimum tender condition or any financing condition,” the filing said.
Grupo Modelo added that the Belgium-Brazilian multinational will establish a trust that will accept further tenders of shares by Modelo shareholders for up to 25 months after the tender offer expires.
In March, a U.S. court gave the green light to a proposal to resolve the Justice Department’s concerns about the proposed merger.
AB InBev reached agreement with Grupo Modelo on the acquisition in June 2012.
Founded in 1925, Grupo Modelo is Mexico’s leading beer producer and exporter.
The company operates seven breweries in Mexico with the capacity to produce 71.5 million hectoliters (1.8 billion gallons) annually.
Grupo Modelo owns 14 brands, including Corona Extra, the beer with the largest market share in the world.
The Mexican brewer exports its products to 180 countries and is the exclusive importer of Budweiser and other Anheuser-Busch Inbev brands in Mexico.