CATM - Why Shares of Cardtronics Are Up Today
Shares of Cardtronics (NASDAQ: CATM) soared more than 30% on Wednesday after the nonbank ATM operator said it received a buyout proposal from a private equity firm. The stock is trading above the offer price, implying the market believes this takeout saga has more room to run.
Before markets opened on Wednesday, Cardtronics released a statement saying it has received an offer from funds associated with Apollo Global Management (NYSE: APO) and Hudson Executive Capital to acquire its shares for $31 per cash. Hudson Executive Capital managing partner Douglas Braunstein is already a Cardtronics director and will recuse himself from deliberations, but the other members of the company's board are now assessing the proposal.
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Why Shares of Cardtronics Are Up Today