Reluctance to accept AB InBev's high valuations doomed Budweiser APAC'...
HONG KONG/NEW YORK/LONDON/BRUSSELS - Reluctance to accept AB InBev’s high valuations doomed Budweiser APAC’s IPO of up to $9.8 billion - poised to be the world’s biggest this year - investors and bankers said, putting would-be floats on notice that careful pricing remains key to deal success.
Anheuser Busch InBev NV , the world’s largest brewer, dramatically shelved the initial public offering of its Asian business on Friday, citing market conditions among other factors. After a week-long global roadshow, the shares had been due to price in New York on Thursday evening and to begin trading in Hong Kong later this week.
Sources involved in the deal said investors were unwilling to accept AB InBev’s valuations for Budweiser APAC. Another source added that the reluctance led to weak orders from top-class U.S. “long only” fund managers - prized as long-term investors - who had been expected to place big orders.
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