Boston Beer falls after Suntory denies acquisition talks

Boston Beer

03/06/2024 13:19

** Shares of U.S.-based brewer Boston Beer  SAM.N  down
11.1% at $278.82 in premarket trade
    ** Japanese whisky-maker Suntory Holdings said on June 1
that it was not in negotiations to acquire Boston Beer, a day
after media report of early deal talks between the two companies
    ** Boston Beer, in response to report, said on Friday that
it was "fully focused" on its business as an independent company
and its return to growth
    ** Jefferies says a deal "makes sense" and would give
Suntory better distribution in the U.S. for its spirits and
ready-to-drink cocktail mixes, as well as access to SAM's
"best-in-class salesforce"
    ** Boston Beer has a market capitalization of about $3.75
bln as of markets close on Friday
    ** Shares surged about 26% in afternoon trade on Friday on
news of deal talks
    ** As of last close, SAM's shares were down 9% YTD 

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))