CRCM - Why Care.com Shares Jumped Today
Shares of Care.com (NYSE: CRCM) have jumped today, up by 13% as of noon EST, after IAC/InterActiveCorp (NASDAQ: IAC) announced a deal to acquire the company for $500 million. IAC also intends to install a longtime exec as Care.com CEO.
IAC plans to kick off a tender offer at $15 per share for the family care marketplace in an all-cash transaction, representing a 34% premium over the "unaffected" closing price on Oct. 25, which is when news leaked that Care.com was looking for a buyer. Care.com's tech platform has matched 1.5 million families with caregivers since its inception, with 374,000 paying customers as of the third quarter.
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