IS - Why ironSource Stock Popped Today
Shares of app-monetization platform ironSource (NYSE: IS) popped on Monday after Unity Software (NYSE: U) officially rejected a proposal to merge with AppLovin , in favor of merging with ironSource. As of 10 a.m. ET today, ironSource stock was up 13%.
This morning, Unity's management released a statement saying it officially intends to merge with ironSource. Unity CEO John Riccitiello said, "The Board continues to believe that the ironSource transaction is compelling and will deliver an opportunity to generate long-term value."
For context, Unity and ironSource first announced their merger on July 13. And in my opinion, Riccitiello chose to say this merger was "compelling" today for a reason. This was the same word AppLovin's management used on Aug. 9 when it submitted an unsolicited merger proposal to Unity.
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Why ironSource Stock Popped Today