Anheuser-Busch Companies, Inc. receives unsolicited bid from InBev for $46.0bn. In order to ward off the bid, Anheuser decides to acquire remaining ownership in Modelo (Anheuser already own 50% of Modelo) to make it more expensive for the bidder to acquire. The closest post offer defense I can think of is “leverage recapitalization.” However, in a leverage recapitalization, the target assumes large amount of debt to finance its own share repurchase (although here I think they will use debt to acquire Modelo’s share). What do you guys think? Leverage recapitalization or something else that I’m not aware of? Thanks.
asset/liability restructuring