Coinstar (CSTR) Pops On Takeover Chatter
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Coinstar, Inc. (Nasdaq: CSTR) is lifting sharply higher in pre-open trading Thursday on reports from the New York Post the company is in talks to be sold to private equity firms.
"The stock market isn't giving them adequate value. It may be more valuable to someone in private equity," John Kraft, an analyst with D.A. Davidson, told The Post. "I wouldn’t be surprised if they’re getting offers."
Adding some confusion to the market was the disclosure this morning of a 10b5-1 plan to buyback up to $270 million in stock. Traders say this action could suggest there is nothing imminent on a deal.
Shares of CSTR last traded at $53.51, up 11 percent.
"The stock market isn't giving them adequate value. It may be more valuable to someone in private equity," John Kraft, an analyst with D.A. Davidson, told The Post. "I wouldn’t be surprised if they’re getting offers."
Adding some confusion to the market was the disclosure this morning of a 10b5-1 plan to buyback up to $270 million in stock. Traders say this action could suggest there is nothing imminent on a deal.
Shares of CSTR last traded at $53.51, up 11 percent.
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