Shares of ATM owner/operator Cardtronics plc (CATM) are rising more than 15% Friday morning on the news of it receiving a better acquisition proposal.
Thursday, the company in its proxy statement filed with the Securities and Exchange Commission said that it has got a better buy-out proposal of $39 per share in cash from a third party which the company did not disclose.
On December 15, Cardtronics had entered into a definitive agreement with funds managed by affiliates of Apollo Global Management, Inc. and Hudson Executive Capital LP to be acquired for $35.00 per share, cash.
The Board of Directors of Cardtronics has reviewed the proposal, and entered into a non-disclosure agreement with the third party to facilitate discussions and negotiations, the company said.
CATM, currently at $41.30, has been trading in the range of $15.71- $47.41 in the last one year.
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