TGH - The 2 Monday Mergers to Watch on Wall Street
2023-10-23 08:54:59 ET
It's not uncommon for companies to announce mergers and acquisitions on Monday morning. That gives corporate legal teams time to finish up their due diligence over the weekend, and investor relations personnel have the chance to get comments from top executives and write up press releases heralding the advantages of the proposed deals.
Investors got news of two major acquisitions over the past weekend. Chevron 's (NYSE: CVX) proposed merger with fellow oil and natural gas producer Hess (NYSE: HES) was by far the larger of the two, but it didn't get a very positive reception from shareholders on either side of the bargaining table. Meanwhile, it was a much smaller company, Textainer Group Holdings (NYSE: TGH) , that gave shareholders a nice short-term payday. Here are all the details you need on both mergers and acquisitions.
Shares of Chevron dropped almost 3% in premarket trading Monday morning. The oil giant announced details of its merger plans with Hess, but even Hess shares weren't able to post a gain on the news.
For further details see:
The 2 Monday Mergers to Watch on Wall Street