Monster Beverage (MNST) Shares Rally Amid Coke (KO) Takeover Chatter
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Shares of Monster Beverage (Nasdaq: MNST) surged sharply Monday just ahead of noon following a WSJ report which suggested Coca-Cola (NYSE: KO) may be in talks to acquire the company. The stock last traded at $78.03, up more than 19 percent from Friday's close. Shares were halted several times on a volatility circuit breaker as the news began hitting wires.
With a market cap now over $13 billion, a purchase of Monster would be Coke's largest-ever brand acquisition. Still, as the WSJ pointed out, the company would be a pricey purchase even for Coca-Cola; Monster shares have doubled over the last year.
Shares of Coca-Cola have dipped following the rumor. Shares are now down 0.5 percent to $76.22.
With a market cap now over $13 billion, a purchase of Monster would be Coke's largest-ever brand acquisition. Still, as the WSJ pointed out, the company would be a pricey purchase even for Coca-Cola; Monster shares have doubled over the last year.
Shares of Coca-Cola have dipped following the rumor. Shares are now down 0.5 percent to $76.22.
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