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1、BAB026Rev.11/13/01TheBostonBeerCompany(A)JimKoch,presidentandfounderoftheBostonBeerCompany,ofBoston,Massachusetts,preparedhisthoughtsbeforeameetingwiththecompany’sinvestmentbankersinearlyNovember,1995.OnAugust24,1995,BostonBeer,themakerofSamuelAdamsbrandbeerandthebeerindustry’sleadingcra
2、ftbrewer,hadfiledaregistrationstatementwiththeU.S.SecuritiesandExchangeCommission(SEC)foraninitialpublicstockofferingthataimedtoraisebetween$26millionand$34million.KochcouldnotrestricthisoptimismfortheIPO’ssuccess,giventhestockmarket’srecentappetitefornewbeerissuesandthemarket’soverwhelm
3、ingsubscriptionresponsetoBostonBeer’sproposedstock.CompetitorsRedhookAleBreweryandPete’sBrewingCompanyhadeachconductedverysuccessfulIPOsinthepreviousthreemonths.Thetwobeerstockswentpublicat$17and$18pershare,respectively,andhadsincemaintainedsharepricesinthemid-$20s.Koch’sthoughtscentered
4、onthepriceatwhichBostonBeershouldgopublic.Thecompany’sbankersinitiallyhadsetapricerangeof$10to$15pershare.Kochwantedtobesurethatthesharepriceestablishedbythebankersreflectedtheappropriatemarketvalueofhiscompany.TheCraftBrewingIndustryIntheearly1900’s,overtwothousandbreweries,mostofwhichs
5、ervedlocalmarkets,operatedthroughouttheUnitedStates.TheadventofProhibition,however,forcedtheclosingofmostofthesebreweries.Thepost-ProhibitionperiodmarkedthebeginningofalongconsolidationofthebeerindustryduringwhichthefewbrewersthatreopenedafterProhibitionsoughttotakeadvantageofeconomiesof
6、scaleinproduction,distribution,andadvertising.Thesebrewersusedlow-costingredientstomass-producemilderandlighterbeer.Theyusedpreservativestomaintainthetasteofthebeeroveralongershelflife.Theconsolidationofbreweriesandthesepracticesinitiatedaconvergenceofbrewers’productstorelativelyundistin
7、ctivepremiumpilsnersandlagers.1By1995,thethreelargestbrewers,Anheuser-Busch,1PremiumpilsnerisabottomfermentedbeerthatisthestyleofbeerbrewedbymostAmericanmass-producers.MBAstudentMichaelWintonandProfessorJenniferE.Bethel,BabsonCollege,preparedthiscaseasabasisforclassdiscus
