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)
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