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MILTON, Del. (AP) — Delaware-based craft beer company Dogfish Head Brewery is being acquired by the Boston-based brewer of Sam Adams beer in a $300 million cash and stock deal.
The Boston Beer Company announced Thursday that it had entered into definitive agreements to acquire all of the equity interests in Dogfish Head Holding Co.
Dogfish Head founder Sam Calagione and his family will receive about 406,000 shares of Boston Beer stock valued at about $128 million, based on a share price of $314.60. Dogfish Head shareholders also will receive $173 million in cash, and Calagione will join the board of Boston Beer.
Officials say the combined company will be led by Boston Beer CEO Dave Burwick and maintain a significant presence in Delaware.
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