Monster Beverage pops on report of merger talks with Constellation Brands
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Monster Beverage (NASDAQ:MNST) soared in after-hours trading on Monday after a Bloomberg report indicated that the company is in merger talks with Constellation Brands (NYSE:STZ).
Sources indicated that a merger agreement could be reached in the coming weeks if negotiations continue to go smoothly. A deal would have implications for Coca-Cola Company (NYSE:KO), which holds a stake in Monster of almost 20%. Of note, Constellation has a stake of almost 40% in Canadian cannabis player Canopy Growth (NASDAQ:CGC).
Shares of Monster Beverage (MNST) rose 9.05% within minutes of the report.