Poshmark ( NASDAQ: POSH ) rose 1.1% and briefly went above its deal price of $17.90 with Naver ( OTCPK:NHNCF ) after it was disclosed that Naver Corp. was in exclusive talks with the luxury goods platform.
Poshmark CEO Manish Chandra disclosed in an interview published Wednesday that Naver approached the company and talks about a partnership eventually led to takeover discussions in the last few moths.
" Yeah, no we were not seeking" a takeover, Chandra said in an interview that was released in a filing on Wednesday. "Naver approached us. We initially spent time looking at our deep strategic partnership with them and at some point it made more sense to come together as one company, and that's the action we took over the last few months."
Poshmark ( POSH ) rose on Tuesday as some investors believe another buyer could potentially be interested in a rival bid as the talks with Naver appeared to be exclusive.
Naver ( OTCPK:NHNCF ) on Tuesday agreed to acquire all of the issued and outstanding shares of Poshmark ( POSH ) for $17.90 in cash, representing an enterprise value of ~$1.2B.
Wedbush on Tuesday said it believed the price for Poshmark ( POSH ) seemed fair.
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Poshmark ticks higher after disclosure about exclusive talks with buyer