Investing.com – Boston Beer prices rose on Friday as the U.S. brewer is in talks to sell the company to global alcohol company Suntory, Wall Street reported on Friday, citing unnamed sources.
Shares of Boston Beer Company Inc (NYSE:) rose more than 30% on this news.
Negotiations remain at an early stage and there is no certainty that a deal will be reached, sources told the WSJ, although there could be the potential for another bidder.
Rumors of a sale come as Boston Beer has endured a difficult year as changing consumer tastes have led to weaker demand.
Suntory knows Boston Beer well after teaming up with the latter in 2021 to produce new spirits and ready-to-drink drinks.
Boston Beer declined to comment on the report, saying it “does not comment on rumors.” “We are fully focused on our business as an independent company and returning to growth,” the company added.
Suntory did not immediately respond to Investing.com’s request for comment.