EDR - Why Endeavor Group Stock Popped 27% This Week
2023-10-27 17:55:58 ET
Shares of Endeavor Group (NYSE: EDR) soared 27.2% this week, according to data provided by S&P Global Market Intelligence , after the sports and entertainment company announced a review of strategic alternatives.
In a press release Wednesday, Endeavor Group announced it has initiated a "formal review to evaluate strategic alternatives for the company" -- a process that typically implies a company is exploring a potential acquisition offer or a divestment of assets.
"Given the continued dislocation between Endeavor's public market value and the intrinsic value of Endeavor's underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders," stated Endeavor CEO Ariel Emanuel.
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Why Endeavor Group Stock Popped 27% This Week