Actionable news
All posts from Actionable news
Actionable news in OUTR: Outerwall Inc.,

In Shock to Short-Sellers, Apollo Pays $1.6B for Outerwall

Shares of Outerwall (OUTR) rose more than 10% on Monday after the parent company of Redbox DVD kiosks and Coinstar change machines agreed to be acquired by buyout shop Apollo Global Management for $1.6 billion in a deal that was largely driven by activist fund Engaged Capital LLC and one that likely is a shock to the large number of short-sellers in the stock.

Specifically, Apollo agreed to acquire Outerwall for $52 a share or $895 million in debt in a go-private deal that gave it a $1.6 billion valuation with the assumption of debt. The price represented an 11% premium to Outerwall's closing price...