Updated from 2:06 p.m. ET to include Coca-Cola's denial of talks to acquire Monster Beverage
NEW YORK (
) -- Beverage giant
(KO - Get Report)
has denied that it's engaged in talks to acquire
(MNST - Get Report)
"At this time, we are not in discussions to acquire the Monster Beverage Corporation," Coca-Cola said in a statement late Monday. "We continue to review the best ways to maximize the value of our relationship."
The Wall Street Journal
had reported earlier that Coke was pursuing the deal. Monster shares ran as high as $83.96 during Monday's session before closing at $64.96, down 0.9%.
The company, known for its black-canned Monster energy drinks, has a market cap of $11.55 billion, which would make the acquisition Coca-Cola's largest brand acquisition ever, according to the
Coca-Cola shares closed Monday at $76.33, off 30 cents, or 0.4%.
In its report, the
said Monster could be too expensive for Coke. The company's share price has nearly doubled in the past year, pushing the price-to-earnings multiple to more than 30X estimated earnings for fiscal 2012.
-- Written by Joe Deaux in New York.
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