Cerberus' Feinberg Buys $9.2M of GeoEye (GEOY); Shares Up ~10%
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GeoEye, Inc. (Nasdaq: GEOY), is higher on Friday's session, following the filing of a Form 4 with the SEC late Thursday which disclosed a notable insider buy.
On the filing, Cerberus Capital Management founder Stephen Feinberg, also GeoEye's third-largest shareholder, bought 432,500 shares of GeoEye common. Shares were acquired for an average price of $21.27, or a total investment of about $9.2 million.
Following the acquisition, Feinberg and Cerberus hold 2,415,500 shares of GeoEye.
On the news, GeoEye shares are 9.5 percent better.
On the filing, Cerberus Capital Management founder Stephen Feinberg, also GeoEye's third-largest shareholder, bought 432,500 shares of GeoEye common. Shares were acquired for an average price of $21.27, or a total investment of about $9.2 million.
Following the acquisition, Feinberg and Cerberus hold 2,415,500 shares of GeoEye.
On the news, GeoEye shares are 9.5 percent better.
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