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RUMORS OF COMPANY BEING SNAPPLED-UP RAISE STOCK PRICES
Published October 24, 1994
Rumors struck Snapple Beverage again Friday, "except this time they boosted the price of the company's stock." Shares of the company's stock surged as much as 26% as "Wall Street buzzed about the possibility of a takeover." Coke, Pepsi and Philip Morris were among the rumored suitors, "although several analysts dismissed the talk." Merrill Lynch's Allan Kaplan said a bid by Coke or Pepsi would be "ludicrous" because the cost of the acquisition would outweigh the earnings produced. An investment newsletter, Wall Street Strategies, told subscribers that it had heard a major beverage company would bid $25 a share, or $3B for the company. Snapple's stoke closed at 14 5/8, up 2 3/8 (James Lyons, N.Y. DAILY NEWS, 10/22). Other observers said Quaker Oats would be a more logical Snapple suitor. "Ironically, Quaker, with its successful Gatorade product, has been rumored to be a buyout target of Pepsi. Purchasing Snapple would help Quaker fend off potential predators" (ATLANTA CONSTITUTION, 10/22).