US: Pabst Blue Ribbon finds buyout trouble

US beer brand Pabst Blue Ribbon is reportedly seeking a buyer, but has not yet found a suitor willing to purchase the company for the $1 billion its owner is seeking.

According to reports, PBR has found interested bidders, but one unnamed source told reporters that the price tag is too high to secure a deal. Reports say PBR is looking for between $800 million and $1 billion.

In addition to the asking price, reports say the pursuit of a buyout has also hit difficulties because of weak outlooks for the industry. Beer drinkers, reports say, are increasingly choosing craft breweries and premium brands over the traditional PBR.

PBR, which first launched plans for an acquisition earlier this year, also owns other beer brands including Lone Star and Jacob Best. Its current owner, C. Dean Metropoulos first acquired the company for about $250 million four years ago, reports say.

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