ABI Pulls Asia IPO as Investors Balk at Rich Valuation
AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders, hoping the company would accelerate its balance sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs.It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to see...
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