Glu Mobile (GLUU) Shares Move Higher as M&A Chatter Heats Up
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Following the Zynga (Nasdaq: ZNGA) deal to acquire OMGPOP, analysts are now eying Glu Mobile (Nasdaq: GLUU) as the most likely takeover target in the app gaming sector.
The company's stock is trading at 2.3 times expected sales in 2013, a discount to competitors. The valuation places Glu Mobile at a 58 percent discount to Zynga.
Other recent deals in the mobile gaming sector include PopCap, Playfish, and Playdom.
Late Tuesday, a SeekingAlpha article also alluded to an acquisition of Glu Mobile. A Bloomberg piece from this morning also highlighted chatter on the company. One analyst speculated that a $6 per share price might be put on Glu Mobile.
Glu Mobile shares surged about 21.3 percent last Friday following the Zynga deal, though shares pulled back a little Monday and Tuesday on some profit taking.
Glu shares are up 8.6 percent to $4.85 Wednesday afternoon.
The company's stock is trading at 2.3 times expected sales in 2013, a discount to competitors. The valuation places Glu Mobile at a 58 percent discount to Zynga.
Other recent deals in the mobile gaming sector include PopCap, Playfish, and Playdom.
Late Tuesday, a SeekingAlpha article also alluded to an acquisition of Glu Mobile. A Bloomberg piece from this morning also highlighted chatter on the company. One analyst speculated that a $6 per share price might be put on Glu Mobile.
Glu Mobile shares surged about 21.3 percent last Friday following the Zynga deal, though shares pulled back a little Monday and Tuesday on some profit taking.
Glu shares are up 8.6 percent to $4.85 Wednesday afternoon.
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