- Starbucks told CNBC's Jim Cramer that it is not buying Chipotle, ending days of takeover speculation.
- The Financial Times reported Thursday that Starbucks had worked with advisers on a takeover proposal for Chipotle in recent months, citing people familiar with the matter.
- Chipotle had hired advisers to defend against activist investors or an unwanted takeover bid, according to an earlier Semafor report.
- Chipotle shares fell more than 2% in premarket trading after the denial, while Starbucks shares rose more than 1%.
- Chipotle shares are down about 20% over the last year and are recovering from a 2025 decline in restaurant traffic.
Quotes
“Starbucks is not buying Chipotle”