Craft Brew Alliance (BREW) is an intriguing situation. The company agreed to be acquired by Anheuser-Busch InBev (BUD) on 11 November 2019 for $16.50. At the current share price of $14.96, the deal spread is 10%. Anheuser-Busch already holds a 31.2% stake in the company. On 25 February 2020, Craft Brew shareholders then approved the acquisition. The vast majority of CBA’s brands are already distributed through the vast network of ABI’s wholesalers and subject to commercial agreements. Indeed, several hundreds of thousands of barrels of CBA’s beer are actually brewed at ABI’s breweries.