GLOG - Why GasLog Ltd. Stock Just Popped 18%
Shares of GasLog Ltd. (NYSE: GLOG) , an operator of ocean-going liquefied natural gas tankers, jumped 18% by 11:45 a.m. EST Monday after reporting a 6% increase in sales and a return to GAAP profitability in Q4 2020. Impressive as that performance was, however, it is not the reason GasLog stock is up so much today.
Instead, GasLog is jumping because it's getting bought out. In a press release this morning, the company announced that private equity powerhouse BlackRock (NYSE: BLK) has agreed to buy "all of the outstanding common shares of GasLog that are not held by certain existing shareholders of GasLog" -- about 45% of the total stock outstanding, for $5.80 per share, cash.
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Why GasLog Ltd. Stock Just Popped 18%