Epilogue

After the IPO and the Bass dealings, Interbrew was put under a microscope by the media and investors. Beck’s in Germany was the next big move in rolling up the remainder of Western Europe. Beck’s was an acquisition of major importance: it was a very visible brand with popularity outside of Germany, the competition for its take-over was fierce, and above all the acquisition was highly mediatized. The acquisition was already announced in August 2001, but the deal was not closed until February 2002. At the time, Interbrew’s image had already taken a hit following the Bass fiasco. It was therefore in dire need of a win. Unfortunately, the media and stock market felt they paid an exaggerated multiple for the brewery. Indeed, the price was almost double of what had been put on the table during the first rounds of negotiations, but, the board—especially in favour of the take-over—and the management believed in the brand’s strength and future potential. Some months later, in late 2002, Interbrew was penalized by investors after it failed to properly communicate a lower EBITDA than predicted. What would not have been a real problem before, had a direct effect on the stock price of the company. The reality of the post-IPO era made it clear that both management and board would have to adapt their communication and style....