Monster Beverage soars on report of buyout
5/1/2012NEW YORK — Monster Beverage Corp.'s shares soared Monday on a report that Coca-Cola Co. was considering buying the energy-drink maker, but the world's biggest soft-drink maker denied discussions were under way.
The Wall Street Journal cited unnamed people in reporting that Coca-Cola was in talks to buy Monster. Monster would be Coca-Cola's largest brand acquisition ever. Coca-Cola said late Monday that no such discussion is in process.
Shares of Monster spiked early in the day to a record high of $83.96, 27 percent above their previous 52-week trading high of $65.94, reached last week. The stock closed down 53 cents, however, at $65. Shares of Coca-Cola fell 31 cents to close at $76.32.