BBLN - Why Babylon Holdings Stock Took a Beating Today
Next-generation digital healthcare company Babylon Holdings (NYSE: BBLN) went to great lengths today to quash rumors of a takeover. As a result, investors who were disappointed that the stock wasn't likely to pop on the announcement of a deal traded it down by over 5% on Tuesday.
When companies want to dampen speculation of a buyout, they usually issue one tersely worded communication on the matter. Babylon published two.
Monday afternoon, one minute before market close, the specialty healthcare company went the terse route. It issued a two-sentence news release stating that "it is not engaged in nor has it had contact or discussions with any potential acquirer."
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Why Babylon Holdings Stock Took a Beating Today