US: Monster lines up US$200m share buyback
Monster is running another share buyback program
Monster Beverage Corporation has announced a US$200m buyback of the company's outstanding common stock.
The California-based energy drinks producer said yesterday (8 April) that its board of directors has authorised the new programme. It is the third stock buyback by the group in eight months.
“The timing of the share repurchases will depend on a variety of factors, including market conditions, and share repurchases may be suspended or discontinued at any time,” Monster said.
Last month the company claimed there is no medical evidence to support allegations that its energy drinks contributed to the death of a 14 year-old girl, detailed in a lawsuit last year.
In February, Monster reported a strong rise in full-year net profits and sales, but a slowdown on the prior year.
Shares in Monster yesterday closed up 4.69% at $52.01.
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