Boston Beer Reportedly in Sale Talks to Suntory

1 HazAccording to Wall Street, which cited anonymous sources, Boston Beer saw a spike in value on Friday, as the American brewer is in discussions to sell the business to the international spirits major Suntory.

On the announcement, Boston Beer Company Inc. (NYSE:SAM) had a gain of almost 30%.
The sources told WSJ that although negotiations are still in their early stages, there is no guarantee that a deal would be reached and that a rival bidder may emerge.

Though demand has been hurt by shifting customer preferences, Boston Beer has had a difficult year thus far. This has given rise to rumors of a sale.

After collaborating with Boston Beer to create new spirits and ready-to-drink drinks in 2021, Suntory is well-acquainted with the latter.

Technical Outlook
Boston Beer stock (SAM) closed Fridays trading session up 22.33% with a Relative Strength Index (RSI) of 68.64 which is slightly overbought. The daily price chart pattern showed a "Bullish Harami" pattern which is a strong bullish reversal pattern.