Updated Press Release: AmBev Announces the Extension of the Voluntary Offer to Purchase Any and All Outstanding Shares of Its Subsidiary Quilmes Industrial (Quinsa), Societe Anonyme

Mar 16, 2007, 01:00 ET from AmBev

    SAO PAULO, Brazil, March 16 /PRNewswire-FirstCall/ -- Companhia de
 Bebidas das Americas - AmBev ("AmBev") [BOVESPA: AMBV4, AMBV3; and NYSE:  
 ABV, ABVc] announced that the voluntary offer made by Beverage Associates
 Holding Ltd. ("BAH"), a Bahamian corporation and a wholly-owned subsidiary
 of AmBev, to purchase up to 6,872,480 Class A shares and up to 8,661,207
 Class B shares (including Class B shares held as American Depositary Shares
 ("ADSs")) of its subsidiary Quilmes Industrial (Quinsa), Societe Anonyme
 ("Quinsa"), which represent the outstanding Class A shares and Class B
 shares (and Class B shares held as ADSs) that are not owned by AmBev or its
 subsidiaries, at a purchase price of U.S.$3.35 per Class A share and
 U.S.$33.53 per Class B share (U.S.$67.07 per ADS), net to the seller in
 cash (less any amounts withheld under applicable tax laws), without
 interest, is extended to 5:00 p.m., New York City Time (which is 11:00 p.m.
 Luxembourg Time), on April 5, 2007.
     AmBev and BAH are preparing a supplement to the Offer Document which
 will be mailed to shareholders shortly and available for free at
 www.sec.gov and www.ambev-ir.com following the approval of the Luxembourg
 Commission de Surveillance du Secteur Financier. The offer period is
 extended to allow shareholders the opportunity to review the supplement to
 the Offer Document prior to making their decision.
     As of March 15, 2007, approximately 3,169,269 Class A shares and
 1,400,491 Class B shares (including Class B shares held as ADSs),
 representing 0.68% of the voting rights of Quinsa, had been tendered in and
 not withdrawn from the offer.
     All terms and conditions of the offer are described in the Offer
 Document, which was approved by the Luxembourg Commission de Surveillance
 du Secteur Financier on January 25, 2007 and filed with the U.S. Securities
 and Exchange Commission (the "SEC") on January 25, 2007. As stated in the
 Offer Document, Quinsa's Board of Directors has unanimously determined that
 the offer is fair to shareholders other than AmBev and its affiliates and
 recommends that shareholders tender their shares in the offer. Shareholders
 of Quinsa can obtain the Offer Document and other documents that were filed
 with the SEC (the "Offer Documentation") for free at www.sec.gov and
     The Offer Documentation was mailed to Quinsa shareholders by Innisfree
 M&A Incorporated. Requests for the Offer Documentation may be directed to
 Innisfree M&A Incorporated at +1 877 750 9501 (toll free in the U.S. and
 Canada) or at +00 800 7710 9970 (freephone in the EU), or in writing at 501
 Madison Avenue, 20th floor, New York, NY, 10022, U.S.A. Questions regarding
 the offer may be directed to Credit Suisse Securities (USA) LLC at +1 800
 318 8219 (toll free in the U.S.).
     No communication or information relating to the offer for the Class A
 shares and Class B shares of Quinsa (including Class B shares held as ADSs)
 not already held by AmBev's subsidiaries may be distributed to the public
 in any jurisdiction in which a registration or approval requirement applies
 other than the United States of America or Luxembourg. No action has been
 (or will be) taken in any jurisdiction where such action would be required
 outside of the United States of America and Luxembourg in order to permit a
 public offer. The offer and the acceptance of the offer may be subject to
 legal restrictions in certain jurisdictions. Neither AmBev nor BAH assume
 responsibility for any violation of such restrictions by any person.
     The Companies
     Quinsa is the largest brewer in Argentina, Bolivia, Paraguay and
 Uruguay, having a share of the Chilean market as well. It also is the Pepsi
 bottler in Argentina and Uruguay.
     AmBev is the largest brewer in Brazil and in South America through its
 beer brands Skol, Brahma and Antarctica. AmBev also produces and
 distributes soft drink brands such as Guarana Antarctica, and has franchise
 agreements for Pepsi soft drinks, Gatorade and Lipton Ice Tea. AmBev has
 been present in Argentina since 1993 through Brahma. BAH is a wholly owned
 subsidiary of AmBev.
     Statements contained in this press release may contain information that
 is forward-looking and reflects management's current view and estimates of
 future economic circumstances, industry conditions, Company performance,
 and financial results. Any statements, expectations, capabilities, plans
 and assumptions contained in this press release that do not describe
 historical facts, such as statements regarding the declaration or payment
 of dividends, the direction of future operations, the implementation of
 principal operating and financing strategies and capital expenditure plans,
 the factors or trends affecting financial condition, liquidity or results
 of operations, and the implementation of the measures required under
 AmBev's performance agreement entered into with the Brazilian Antitrust
 Authority (Conselho Administrativo de Defesa Economica - CADE) are
 forward-looking statements within the meaning of the U.S. Private
 Securities Litigation Reform Act of 1995 and involve a number of risks and
 uncertainties. There is no guarantee that these results will actually
 occur. The statements are based on many assumptions and factors, including
 general economic and market conditions, industry conditions, and operating
 factors. Any changes in such assumptions or factors could cause actual
 results to differ materially from current expectations.