Glu Mobile (GLUU) Up On Takeover Speculation
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Shares of Glu Mobile, Inc. (Nasdaq: GLUU) are 8% higher today on rumors reported at SeekingAlpha.com that Electronic Arts Inc. (Nasdaq: ERTS) could be interested in buying the company.
The article notes Glu Mobile is the third largest mobile gaming company behind Electronic Arts and Gameloft and the stock is trading well below its 2007 IPO price of $11.50. The author said, "Even if ERTS offered a premium of 400% to the current market price of GLUU's shares, they would still be taking down the number 3 player in mobile gaming for around one third of the valuation awarded the company's shares following its IPO just over a year ago."
The article notes Glu Mobile is the third largest mobile gaming company behind Electronic Arts and Gameloft and the stock is trading well below its 2007 IPO price of $11.50. The author said, "Even if ERTS offered a premium of 400% to the current market price of GLUU's shares, they would still be taking down the number 3 player in mobile gaming for around one third of the valuation awarded the company's shares following its IPO just over a year ago."
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