Stock Story -
What Happened:Shares of casino gaming technology company Everi (NYSE:EVRI) jumped 42.2% in the morning session after the company announced it has agreed to a deal to be acquired alongside IGT's Gaming & Digital business by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction. The deal values the acquired businesses at approximately $6.3 billion.
To provide some context, on February 29, 2024, IGT and Everi agreed to a deal in which IGT would spin off its Gaming business and combine it with Everi.
Under the new deal terms, Everi stockholders will receive $14.25 per share in cash, representing a 56% premium over Everi's closing share price on July 25, 2024.
Is now the time to buy Everi? Find out by reading the original article on StockStory, it's free.
What is the market telling us:Everi's shares are not very volatile than the market average and over the last year have had only 16 moves greater than 5%. But moves this big are very rare even for Everi and that is indicating to us that this news had a significant impact on the market's perception of the business.
Everi is up 13.5% since the beginning of the year, but at $12.94 per share it is still trading 14.8% below its 52-week high of $15.19 from July 2023. Investors who bought $1,000 worth of Everi's shares 5 years ago would now be looking at an investment worth $1,046.
