Popeyes Louisiana Kitchen Inc (NASDAQ: PLKI)
Popeyes Louisiana Kitchen didn't look like it was going to have a great day in the market today. In fact, after starting the day off in the green, the stock quickly ran to the red. Throughout the day, the stock has stayed red. However, it quickly spiked well into the green minutes ago and was then halted. Below, we'll talk about what we're seeing from PLKI, why, and what we'll be watching for ahead.
What We're Seeing From PLKI
As mentioned above, Popeyes Louisiana Kitchen wasn't having the best of days in the market. While the stock was trading on gains at the open, it quickly fell to losses. Throughout the day, it traded relatively flat as it stayed in the red. However, minutes ago, the stock started spiking. At the moment (3:11), PLKI is halted at $72.60 per share after a gain of $6.56 per share (9.93%) thus far today.
Why The Stock Is Halted
As is almost always the case, our partners at Trade Ideas were the first to alert us to the spike on PLKI. As soon as they did, the CNA Finance team started working to see what was causing the movement. It didn't take long to dig up the story. It seems as though the gains are the result of excitement surrounding a takeover bid.
At the moment, there's news surfacing that Popeyes Louisiana Kitchen is getting a takeover bid. The bid is coming from Restaurant Brands International Inc (NYSE: QSR). Currently, there is no news as to what price was offered. Nonetheless, it is expected that the offer comes with a decent premium.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PLKI. In particular, we'll be watching to learn more about the takeover bid from QSR and whether or not the acquisition will happen. If it does, it will likely return tremendous value to shareholders. We'll keep a close eye on the news and bring it to you as it breaks!
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