Anheuser Busch said today that it was the increased Inbev offer of $70 per share that caused the sudden change of heart over a sale. August Busch IV, the president and chief executive of Anheuser Busch told a press conference this afternoon that the company had decided that the deal worked for its shareholders. He said: “Our board believed that the share cash offer provided value for the shareholders. “In the end it was a friendly transaction and we worked hard for our shareholders.” Including Anheuser Busch's believed debt of $9.1 billion, the new offer by InBev is worth just over $60bn. In response to whether he should have done something earlier to avoid the takeover – given that investors were unhappy with Anheuser Busch’s share price, he said that it was difficult to say in hindsight. But Busch IV said that he was now committed to the transition and making the new business a success. He will join the board of the new combined company as a non-executive director, together with one other member of the original Anheuser Busch team, who will be announced upon the closing of the deal. Carlos Brito, CEO of InBev, who will be chief executive of the new company, said that the company still saw an opportunity in a deal with Mexican brewer Group Modelo and that they were currently in constructive talks with the group over forming a partnership. Brito said: “We are talking to them and the tones of the conversation are positive. We see a great future for us to work together. We think that they can see the same opportunities as we do to expand.” He said that he was confident of the group’s expansion plans abroad and planned to boost sales of Budweiser, which will become the global flagship brand, outside the US. Brito said he believed that InBev could save at least $1.5bn over the next three years through synergies after completing the agreement. But he would not give targets for how much more revenue it could generate from increased sales of Budweiser, saying he preferred to be conservative. Brito said: “When I look at other big companies expansion abroad, like McDonald’s and Pepsi, I am confident that we have the footprint and are helped by the knowledge of the local markets.” Brito said that the higher $52bn offer for Anheuser Busch had been financed through $45bn in debt and $9.8bn in equity bridge financing, which allowed the company flexibility in deciding upon the timing and form of equity financing for a period of up to six months after closing. He said that the new management team would be announced by the closing of the deal, with the purchase set to be completed by the end of the year.