Monster Beverage Launches $3 Billion Dutch Auction Buyback
By Colin Kellaher
Monster Beverage plans to buy back $3 billion worth of stock through a modified "Dutch auction" tender offer.
Monster on Wednesday said it set a price range of $53 to $60 a share for the tender offer, which it plans to fund with $2 billion in cash on hand and $1 billion in borrowings.
The Corona, Calif., maker of energy drinks, which had more than 1.04 billion shares outstanding as of April 26, sports a market capitalization of nearly $57 billion based on Tuesday's closing price of $54.67.
Monster said the planned borrowings include $750 million under a new term loan and $250 million under a new revolving credit facility.
The tender offer is slated to expire June 5.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 08, 2024 08:32 ET (12:32 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending
-
Is Berkshire Hathaway’s Mystery Stock a Buy?
-
After Earnings, Is Uber Stock a Buy, a Sell, or Fairly Valued?
-
Lowe’s Earnings: Tumultuous Macro Weighs on Near-Term Results but Fails to Sway Our Long-Term View
-
Macy’s Earnings: Plan Taking Shape Despite Tough Environment
-
JPMorgan Investor Day: CEO Dimon Pushes Against More Stock Buybacks at Current Prices