Following the announcement, Starbucks shares rose 1%, whereas Chipotle stock dropped nearly 4%
Starbucks has dismissed rumors of a potential acquisition of Chipotle Mexican Grill.
Amid days of speculation, a company spokesperson told CNBC’s Jim Cramer that the coffee giant is not buying the fast-casual chain.
It would have been the largest-ever restaurant takeover.
Following the announcement, Starbucks shares rose 1%, while Chipotle’s stock fell nearly 4%.
The coffee chain is seeking to revitalize its business under CEO Brian Niccol, who previously led Chipotle.