Cree (CREE) Higher on Renewed Buyout Hope After Genlyte Takeover
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Shares of Cree (Nasdaq: CREE) are 14% higher today as speculative investors are hoping the company could be the next takeover target in the lighting space following acquisition of Genlyte Group (Nasdaq: GLYT) by Philips at a 50% premium.
Shares of Cree have seen major volatility over the past 6-months --- rising to highs on rumors GE would buy the company, then giving back a large portion of those gains as the takeover chatter proved fruitless.
Cree speculators are hoping that the takeover of Genlyte can 'shine the light' on the sector. Investors also see this as one the first of many European acquisitions of US companies, as they benefit from the strong Euro over the weak dollar.
Shares of Cree have seen major volatility over the past 6-months --- rising to highs on rumors GE would buy the company, then giving back a large portion of those gains as the takeover chatter proved fruitless.
Cree speculators are hoping that the takeover of Genlyte can 'shine the light' on the sector. Investors also see this as one the first of many European acquisitions of US companies, as they benefit from the strong Euro over the weak dollar.
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