VeriFone (PAY), Hypercom (HYC) Shares Tank as DoJ Seeking to Block Proposed Deal
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Shares of both VeriFone (NYSE: PAY) and Hypercom (NYSE: HYC) are sharply lower in late-session trade Thursday after the US Department of Justice said it is looking to block the proposed tie-up between the two.
VeriFone shares are now down 7.7 percent to $46.12 while shares of Hypercom are down 14 percent to $9.37.
In a civil antitrust lawsuit, the DoJ alleges such a deal would substantially reduce competition within the market for point-of-sale units used by retailers to authorize credit and debit card payments.
On November 17 of last year, VeriFone announced it reached an agreement to acquire Hypercom in an all-stock deal valued at about $485 million.
VeriFone shares are now down 7.7 percent to $46.12 while shares of Hypercom are down 14 percent to $9.37.
In a civil antitrust lawsuit, the DoJ alleges such a deal would substantially reduce competition within the market for point-of-sale units used by retailers to authorize credit and debit card payments.
On November 17 of last year, VeriFone announced it reached an agreement to acquire Hypercom in an all-stock deal valued at about $485 million.
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