Word: pabsts
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...fight to stay alive, smaller brewers have been racing to find merger partners, adding yet more turmoil to the churning industry. Pabst Brewing Co. of Milwaukee, once a leading brewer, has spent the past two months trying to merge with Olympia Brewing Co. of Washington State, while in the process having to fend off takeover attempts by the Wisconsin-based G. Heileman Brewing Co., as well as legal attacks by a dissident Pabst shareholder, Irwin Jacobs. Meanwhile, the Stroh Brewery Co. of Detroit, which acquired New York City's F. & M. Schaefer Co. in 1981, is still struggling...
...struggle intensifies, angry and anxious brewery bosses have discarded their easy, neighborhood-pub relations with competitors. Says Pabst President William F. Smith Jr.: "I think some of the camaraderie that existed ten years ago has changed. We've put on boxing gloves." Smith has hung a sign on his office wall that reads: SHOW ME A GOOD LOSER AND I'LL SHOW YOU A LOSER. Miller Chairman John A. Murphy has been known to take satisfaction out of wiping his feet on an office rug bearing the familiar eagle logo of Anheuser-Busch. Over at Anheuser-Busch, Chairman...
Like Schlitz, Pabst Brewing Co. has fallen on hard times. In 1959 the nearly bankrupt brewery decided to cut the price of Pabst Blue Ribbon to attract more customers. The strategy produced quick sales but eventually undermined Pabst's image. Between 1976 and 1981, sales of Pabst Blue Ribbon dropped from about 16 million bbl. to 9.6 million...
...fact, last week, even as the new regulations were going into effect, the Justice Department announced that it would move to block the G. Heileman Brewing Co. of La Crosse, Wis., from acquiring Pabst Brewing of Milwaukee. It was the second time in the past year that the department had refused to permit Heileman, the fourth largest American brewer, to take over another beer company. In October, Washington stopped its drive to acquire the Jos. Schlitz Brewing Co. Last week the Justice Department ruled against Heileman's offer to pay $24 per share for Pabst, the fifth largest...
...result, Schlitz is more vulnerable to takeover than a cold six-pack on a hot Saturday night. Last year it was approached by another famous Milwaukee name, Pabst, as well as by the G. Heileman Brewing Co. of La Crosse, Wis., a scrappy firm that has built itself into the fourth largest company in the industry by buying up regional brands. The Pabst bid, though, never went anywhere, and the Justice Department blocked Heileman's acquisition on antitrust grounds...