Best Buy's surprise stock spike |
| CNNMoney - Dec 13, 2012 |
Best Buy (BBY) stock yesterday opened trading at $11.95 per share. Then it ping-ponged higher throughout the day, before closing 1.92% higher $12.18. Decent day, but nothing too notable. Then came the aftermarket, in which Best Buy shares spiked all the way up to $12.85 at around 5pm.
It wasn't until several hours later that The Minneapolis Star-Tribune reported that Best Buy founder Richard Schulze plans to submit his PE-backed takeover offer within the next several days at between $5 billion and $6 billion.
Sorry for being overly-suspicious, but I'm overly suspicious. Pretty sure it's because the SEC keeps nabbing people for insider trading related to merger announcements (including, but certainly not limited to, hedge fund managers).
Schulze originally was supposed to submit his bid in October. Then by mid-November. So it's not as if traders should have been expecting the news yesterday.
Read Full Article from CNNMoney
- Posted: 2012-12-13 16:43:13
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