Shares of Craft Brew Alliance, Inc. (BREW) - Get Report , more than doubled in after-hours trading Monday after Anheuser-Busch InBev (BUD) - Get Report agreed to buy the remaining shares it doesn't already own for $16.50 each.

Shares of Craft Brew rose $8.93, or 122%, to $16.26 in after-hours action.

Craft Brew operates a variety of beer brands including Kona Brewing Company, Appalachian Mountain Brewery, Cisco Brewers, and Redhook Brewery.

Shares of Anheuser-Busch InBev were flat in after-hours trading after gaining 23 cents, or 0.3%, to $78.71.