Hartleys views Gage Roads as "a very real takeover target"

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2126 GMT - Hartleys views Gage Roads as "a very real takeover target" as global brewers vie for craft-beer brands amid slowing sales of mass-produced ale. Recent acquisitions of independent Australian brewers have included Mountain Goat by Asahi in 2015, Byron Bay Brewing by Lion in 2016, 4 Pines and Pirate Life by AB-Inbev in 2017 and Feral Brewing by Coca-Cola Amatil last year. Hartleys starts Gage Road at accumulate with a price target of A$0.13/share, adding that it sees potential for its valuation to rise to A$0.16-A$0.21 if a bid emerges. Gage Road shares ended trading Monday at A$0.097. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires

December 10, 2018 16:26 ET (21:26 GMT)