<SEC-DOCUMENT>0001104659-24-062564.txt : 20240710
<SEC-HEADER>0001104659-24-062564.hdr.sgml : 20240710
<ACCEPTANCE-DATETIME>20240516163648
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-062564
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Monster Beverage Corp
		CENTRAL INDEX KEY:			0000865752
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				471809393
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 MONSTER WAY
		CITY:			CORONA
		STATE:			CA
		ZIP:			92879
		BUSINESS PHONE:		909-739-6200

	MAIL ADDRESS:	
		STREET 1:		1 MONSTER WAY
		CITY:			CORONA
		STATE:			CA
		ZIP:			92879

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANSEN NATURAL CORP
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIPAC CORP
		DATE OF NAME CHANGE:	19600201
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="text-transform: capitalize; width: 37%; font-size: 10pt"><FONT STYLE="text-transform: capitalize">&nbsp;</FONT></TD>
    <TD STYLE="text-transform: capitalize; width: 25%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: capitalize">May
    16, 2024</FONT></TD>
    <TD STYLE="width: 38%; text-align: right; font-size: 10pt; text-transform: capitalize"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: capitalize">&nbsp;</FONT></TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><B><U>Via EDGAR</U></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Mergers &amp; Acquisitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-3561</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: </FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shane Callaghan, Special Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perry Hindin, Special Counsel</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 10%"></TD><TD STYLE="width: 6%">Re:</TD><TD STYLE="width: 84%">Monster Beverage Corporation<BR>
                                            Schedule TO-I Filed May 8. 2024<BR>
                                            File No. 005-41221</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Dear Mr. Callaghan and Mr. Hindin:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We received the comment letter
(the &ldquo;Comment Letter&rdquo;) of the Staff (the &ldquo;Staff&rdquo;) of the U.S. Securities and Exchange Commission, dated May 13,
2024, with regard to the above-referenced Schedule TO-I (the &ldquo;Schedule TO&rdquo;). Monster Beverage Corporation (the &ldquo;Company&rdquo;)
provides the following responses to the Comment Letter. For ease of reference, the comments in the Comment Letter are reproduced in italicized
form below. Concurrently with the submission of this letter, the Company will file Amendment No. 1 to the Schedule TO (the &ldquo;Amendment&rdquo;)
that reflects the revisions described in this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Schedule TO-I Filed May 8, 2024</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><I>Where a filing person elects to incorporate by reference the information required by Item 1010(a) of
Regulation M-A, all of the summarized financial information required by Item 1010(c) must be disclosed in the document furnished to security
holders. See Instruction 6 to Item 10 of Schedule TO and telephone interpretation I.H.7 in the July 2001 supplement to our &ldquo;Manual
of Publicly Available Telephone Interpretations&rdquo; that is available on the Commission&rsquo;s website at http://www.sec.gov. Please
revise your disclosure to include the information required by Item 1010(c) of Regulation M-A and disseminate the amended disclosure as
required by Exchange Act Rule 13e-4(e)(3). In addition, we note that the Schedule TO indicates that Item 10(b) is &quot;not applicable.&quot;
If such reference is intended to indicate that the disclosure described in Item 1010(b) of Regulation M-A is not applicable, please include
in your response letter an explanation as to why the Company believes that pro forma information is not material to a shareholder's investment
decision whether to tender shares in the Offer.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT>:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s
comment, the Company revised Section 10 (&ldquo;Certain Information Concerning the Company&rdquo;) of the Offer to Purchase filed by the
Company on May 8, 2024 (the &ldquo;Offer to Purchase&rdquo;) to include the information required by Item 1010(c) of Regulation M-A and
undertakes to disseminate the amended disclosure as required by Rule 13e-4(e)(3) of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">May 16, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company respectfully advises the Staff that
the Company does not believe that the pro forma financial information described in Item 1010(b) of Regulation M-A is material in the context
of this Offer.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As disclosed on page 24 in the Offer to Purchase,
the accounting for the purchase of shares in the Offer will result in a reduction of the Company&rsquo;s stockholders&rsquo; equity in
an amount equal to the aggregate purchase price of the shares purchased by the Company and related costs to repurchase the shares, inclusive
of excise taxes. It will also result in a reduction in cash and cash equivalents and cash outflows from financing activities, and an increase
in the Company&rsquo;s long-term debt, as a result of funding the purchase of the shares in the Offer and related fees and expenses using
a combination of cash and debt financing. There will also be a reduction in the number of outstanding shares in an amount equal to the
number of shares that the Company repurchases pursuant to the Offer, which will affect the calculation of the Company&rsquo;s earnings
per share.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As described on pages 3 and 23 of the Offer to
Purchase, in considering the Offer, the Company took into account the expected financial impact of borrowing funds to finance a portion
of the shares purchased pursuant to the Offer on the Company&rsquo;s level of indebtedness and the expected financial impact of the Offer
generally on the Company&rsquo;s liquidity. The Company determined that, due to the Company&rsquo;s financial condition and results of
operations, the funding of the Offer as described in the Offer to Purchase will not have a material impact on the Company. Given the existing
disclosure in the Offer to Purchase, the Company believes the inclusion of pro forma financial information would not be material to the
decision of a reasonable investor whether to sell, tender or hold shares sought in the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 16, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Conditions of the Offer, page 33</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><I>Refer to the following condition on page 34 of the Offer to Purchase: &ldquo;[A]ny change, condition,
event or development . . . [that] is discovered or is threatened relating to (1) general political, market, economic, financial or industry
conditions in the United States or (2) our business, general affairs, management, financial position . . ., which in our reasonable judgment
is or may be materially adverse to us or otherwise makes it inadvisable for us to proceed with the Offer.&rdquo; A tender offer may be
conditioned on a variety of events and circumstances provided that they are not within the direct or indirect control of the offeror.
The conditions also must be drafted with sufficient specificity to allow for objective verification that the conditions have been satisfied.
Refer to Question 101.01 of the Tender Offer Rules and Schedules Compliance and Disclosure Interpretations (March 17, 2023). Please revise
this condition so that it is objectively determinable and outside of the Company&rsquo;s control.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT>:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Staff&rsquo;s
comment, the Company revised the condition in the Offer to Purchase in the Amendment to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;any change, condition,
event or development occurs relating to (1) general political, market, economic, financial or industry conditions in the United States
or (2) our business, management, financial position, results of operations, assets, liabilities, or prospects, which in our reasonable
judgment is materially adverse to us; or&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Source and Amount of Funds, page 35</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><I>Please disclose the existence of any alternative financing plans or arrangements in the event that
the Company does not have the necessary funds to pay the offer consideration and related fees and expenses. If there are none, so state.
See General Instruction E to Schedule TO, Item 7 of Schedule TO, and Item 1007(b) of Regulation M-A.</I></TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT>:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, the Company revised the disclosure in the Offer to Purchase in the Amendment to indicate that there
are no such </FONT>alternative financing plans or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 16, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company believes that
the information contained in this letter, together with the Amendment, is responsive to the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should you have any questions,
please contact Rory T. Hood at Jones Day at (212) 326-3814 or by email: rhood@jonesday.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Best regards,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Paul J. Dechary</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Paul J. Dechary</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0">Executive Vice President &amp; General Counsel</P></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Rory Hood, Jones Day<BR>
Andrew Levine, Jones Day</TD></TR></TABLE>

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