(Updated with reply from Suntory)
Investing.com -- Boston Beer surged Friday as the American brewer is in talks to sell the company to global spirits company Suntory, the Wall Street reported Friday, citing unnamed sources.
Boston Beer Company Inc (NYSE:SAM) was up more than 30% on the news.
Negotiations remain at an early stage, and there isn't certainty that deal will reach, the sources told WSJ, while the potential for another suitor could emerge.
Speculation about a sale comes as Boston Beer has suffered a rough year so far as changing consumer tastes have dented demand.
Suntory knows Boston Beer well after teaming up with the latter in 2021 to produce new spirits and ready-to-drink beverages.
Boston Beer declined to comment on the report, saying it "doesn't comment on rumors." "We are fully focused on our business as an independent company and our return to growth," it added.
Suntory, meanwhile, denied that it was in talks with Boston Beer. "There is no fact that we are in any negotiations with Boston Beer," a Suntory spokesperson said to Investing.com on Jun. 1.