SBGL - Why Tech Data St. Joe and Sibanye-Stillwater Jumped Today
Black Friday brought modest declines for the major benchmarks, as the few market participants who didn't choose to take a four-day weekend over Thanksgiving reacted nervously to comments from the U.S. in support of Hong Kong. For the most part, though, investors largely remained on the sidelines. Some good news from individual companies helped produce some significant moves higher among stocks. Tech Data (NASDAQ: TECD), St. Joe (NYSE: JOE), and Sibanye-Stillwater (NYSE: SBGL) were among the top performers. Here's why they did so well.
Shares of Tech Data climbed 12% after the technology distribution specialist got better terms on a takeover bid. Apollo Global Management improved its previous offer to buy Tech Data, boosting the per-share cash bid from $130 to $145. That puts a value of $6 billion on Tech Data's business. Apollo's sweetened deal was reportedly in response to a rival bid for Tech Data from Warren Buffett's Berkshire Hathaway, which apparently had made a $140-per-share offer. The back-and-forth action shows just how hungry cash-rich companies are to make acquisitions, and it'll be interesting to see if further interest in Tech Data appears in the days ahead.
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