When rumors started flying yesterday that Coca Cola (NYSE: KO) was interesting in acquiring Snapple, I was skeptical. I wrote that "an acquisition of Snapple would look like a step down from the Vitamin Water deal, unless it can be had at a great price, which is unlikely. Americans are becoming increasingly focused on healthier, lower-calorie alternatives to soda, and Snapple beverages really aren't much lower in calories or sugar than most sodas."

According to The Wall Street Journal, a lot of industry experts see it the same way. They say that Snapple isn't growing, has been around for a long time, and isn't likely to be the answer for Coke. The recent emphasis on acquisitions at Coke -- Glaceau, Fuze, and now perhaps Snapple -- probably isn't a good sign for shareholders. If the company was experiencing strong organic growth, it probably wouldn't be so focused on deals.

As the Journal points out, "Coke has a mixed record of absorbing hip, niche brands into its establishment-oriented corporate culture, and it is now absorbing two makers of such brands." While Snapple isn't a hip brand anymore, it's also likely to suffer from many of the same problems that soda will suffer from in the coming years: It's very high in sugar and calories. An acquisition of Snapple would be a way of doubling down on the bet that people will continue to buy high-calorie beverages with little nutritional value. Based on the $4 billion acquisition of Vitamin Water, that's not a bet that Coke wants to make.

I'm going to make a bold prediction: Coke will not end up buying Snapple. It's obvious that such an acquisition doesn't make sense, and it will figure that out.

Fresh off its acquisition of Vitamin Water, Coca Cola (NYSE: KO) is looking into buying the Snapple brand, a maker of iced tea and other non-carbonated beverages. The owner of Snapple, Cadbury Schweppes (NYSE: CSG), is splitting itself into two companies at the urging of super-investor Nelson Peltz. It is reportedly in talks with several private equity firms about selling Snapple, and Coke has said it's interested. Spokesman Dana Bolden said that "We're always looking at whether to build or buy", and indicated that the company would also consider developing its own brand in the same category if it doesn't buy Snapple.

An acquisition of Snapple would look like a step down from the Vitamin Water deal, unless it can be had at a great price, which is unlikely. Americans are becoming increasingly focused on healthier, lower-calorie alternatives to soda and Snapple beverages really aren't much lower in calories or sugar than most sodas.

The brand has tremendous value and is probably the leader in its category, but is not destined for the kind of long-term growth that Vitamin Water will see. Vitamin Water was Coke's largest acquisition ever, and buying another big brand like Snapple would mean that the company is on a bona fide buyout binge. Such binges seldom lead to an increase in shareholder value.