Boston Beer dips after Japan's Suntory reportedly denies acquisition talks
Investing.com -- Shares in Boston Beer Company (NYSE:SAM) slipped by more than 11% in premarket U.S. trading on Monday after Jim Beam-owner Suntory rebuffed reports that it was in talks to acquire the Sam Adams maker.
Boston Beer's stock price had surged last week following a report in the Wall Street Journal that it was in negotiations with Japan's Suntory over a potential takeover. The move would come as Boston Beer has struggled with weakening demand, while Suntory is searching for a greater presence in the U.S. beer market, the WSJ said.
Citing people familiar with the matter, the WSJ added that the deal would likely include a premium to Boston Beer's market capitalization of roughly $3 billion.
However, a spokesperson for Suntory has told Bloomberg News that it was not in talks with Boston Beer, the news agency said.
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