Anheuser-Busch /zigman2/quotes/209225053/composite BUD +0.73% hasn't made a qualifying offer for the remaining shares of Craft Brew Alliance Inc. /zigman2/quotes/209915231/composite BREW -0.15% and will instead make an incentive payment of $20 million, Craft Brew said Friday. The action comes as the deadline for a qualifying offer, as indicated by the 2016 International Distribution Agreement, expires. Craft Brew's portfolio of brands includes Red Hook Brewery, Kona Brewing Co. and Square Mile Cider Co. "While disappointing, with this decision made, management can turn its attention to refining strategic alternatives to maximize shareholder value," said Craft Brew Chief Executive Andy Thomas in a statement. Creft Brew will host a call on September 5 to discuss its go-forward strategy. Craft Brew stock slipped 4.3% in Friday premarket trading, and is down nearly 33% over the past year. Anheuser-Busch InBev S.A. edged up 0.4% in premarket but has fallen 2.3% over the last 12 months. And the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.58% has gained 2.3% for the past year.