Monster Beverage (MNST) Shares Pare All Gains as Coke (KO) Said No Talks for Takeover
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The Coca-Cola Company (NYSE: KO) today issued the following statement regarding media reports related to Monster Beverage Corporation (Nasdaq: MNST).
“Coca-Cola has a distribution relationship with Monster in many markets, including the United States. Therefore, we are always in contact with Monster to maximize the value of our commercial arrangements. At this time, we are not in discussions to acquire the Monster Beverage Corporation. We continue to review the best ways to maximize the value of our relationship.”
Shares of Monster have now erased all gains from today's session. After trading to a new 52-week high at $83.96 this morning, the stock is now trading around $64.43, down more than 2 percent from Friday's close.
“Coca-Cola has a distribution relationship with Monster in many markets, including the United States. Therefore, we are always in contact with Monster to maximize the value of our commercial arrangements. At this time, we are not in discussions to acquire the Monster Beverage Corporation. We continue to review the best ways to maximize the value of our relationship.”
Shares of Monster have now erased all gains from today's session. After trading to a new 52-week high at $83.96 this morning, the stock is now trading around $64.43, down more than 2 percent from Friday's close.
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