CRTO - Why Criteo Stock Zoomed Nearly 8% Higher on Tuesday
Hot speculation inflated the stock price of French advertising tech company Criteo (NASDAQ: CRTO) on Tuesday. Following a media report that the company is attempting to put itself up for sale, its shares rose by 7.8%, a far better showing than the 1.3% gain of the S&P 500 index.
The speculation comes from a Reuters article, which cited unnamed "people familiar with the matter" as claiming that Criteo is looking to put itself on the block.
According to the article's sources, Criteo has hired investment bank Evercore to advise it on a sale. The process itself began last week. The company intends to attract entities such as other businesses and private equity firms as potential suitors.
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Why Criteo Stock Zoomed Nearly 8% Higher on Tuesday