NEW YORK (TheStreet) -- Shares of Molson Coors Brewing Co. (TAP) are higher by 7.27% to $77.02 on Monday morning, as beer brewing stocks get a boost from SABMiller's (SBMRY) offer to acquire the Netherlands-based beer manufacturer and seller, Heineken.
Heineken turned down SABMiller's offer, issuing a statement on Sunday saying it intends to remain an independent company.
Heineken's founding family owns over 50% of the company through Heineken Holding, Reuters reports. Mexico's beverage company FEMSA owns another 12.5%.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
SABMiller's offer is said to be an attempt by the brewing company to protect itself from a possible takeover by Anheuser-Busch (BUD) , sources told Bloomberg.
Separately, TheStreet Ratings team rates MOLSON COORS BREWING CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MOLSON COORS BREWING CO (TAP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and attractive valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."