Anheuser-Busch Cos. Inc. announced that a majority of its shares have been voted to approve the proposed combination between InBev N.V./S.A. and Anheuser-Busch during a special shareholder meeting held last week.

At the closing of the transaction, Anheuser-Busch shareholders will be entitled to receive $70 in cash for each share of outstanding Anheuser-Busch stock, and Anheuser-Busch will become a wholly owned subsidiary of InBev. Closing of the transaction remains subject to necessary regulatory approvals and other customary closing conditions. A closing date has not been announced, but the parties continue to expect the deal to close before the end of the year. InBev shareholders approved the merger on Sept. 29.

"The proposed merger between Anheuser-Busch and InBev under consideration today was a difficult decision for our board to make," said August A. Busch IV, president and CEO, in comments made during the meeting. "In the end, the board determined that the InBev proposal is in the best interest of our shareholders. The merger also provides a promising future for our beer brands and for all stakeholders -- employees, wholesalers, retailers and our consumers."

"Under the merger, the new company will expand Budweiser into new markets around the world, fulfilling the global ambitions my family has long dreamed about for this great American brand," said Busch.

August A. Busch IV will be a director of the newly combined company, which will take the name Anheuser-Busch InBev.