Coca-Cola Denies Monster Rumors
Coca-Cola Co. (NYSE:KO) has denied reports it is in talks to acquire Monster Beverage Corp. (NASDAQ:MNST), disputing a Wall Street Journal article on Monday that stirred the pot with the seemingly false rumor. Monster shares rose as much as 28 percent to an all-time high after the report.
Coca-Cola said it already has a distribution relationship with Monster, and that it is always trying to “maximize the value” of those arrangements, but that those efforts do not include a planned acquisition.
“At this time, we are not in discussions to acquire the Monster Beverage Corp. We continue to review the best ways to maximize the value of our relationship,” Coke said in a statement. Monster gave no comment.
The two companies held talks last year that did not result in a deal, according to two sources with knowledge of discussions. The Wall Street Journal said Monday that Monster revived its efforts to sell itself recently, and that Coca-Cola decided to conduct its due diligence.