Anheuser-Busch shares spiked nearly 7 percent on Wednesday on the news, but its price now looks like a "trap," trader Brian Kelly said. Shareholders could look to take profits at $120 per share, about $5 higher than where it closed on the day.
Outside of Busch and Miller, Sam Adams brewer Boston Beer may hold some upside despite its high valuation, said trader Guy Adami. He would hold the stock against $200 per share, about $20 lower than where it closed Wednesday.
While the potential deal would shake the beer industry, trader Tim Seymour instead looked to spirits with Diageo. He called it a play on emerging markets growth.
Beyond beverage makers, Adami said Darden Restaurants shares look appealing in the wake of rumors of a possible real estate spinoff.
Trader Dan Nathan added that McDonald's could rally amid restructuring efforts under new management. The stock, which closed above $98 per share Wednesday, offers a good entry point if it falls to the low-$90s, he said.
Tim Seymour is long ADR, AAPL, BAC, CLF, DIS, F, GE, GM, GOOGL, INTC, JPM, KO, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Dan is long PYPL Oct call spread, QQQ Oct put spread, XLU call calendar, XBI sept put spread, TWTR, PG.
Brian Kelly is long BBRY, GLD, TWTR calls, Bitcoin, U.S. Dollar, Crude Oil; he is short British Pound, Euro, Yen, Yuan, US Treasuries.
Guy Adami is long CELG