Akorn, Inc. (NASDAQ: AKRX) was off to what seemed like it was going to be a rough day in the market today. However, that all changed minutes ago as reports came out that the company was nearing a deal to be taken over. Of course, this led to excitement among investors who pushed the stock skyward. While the stock is not to the green yet, it’s close, and chances are that it will reach the profit zone relatively soon. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains on the stock. At the moment (12:47), AKRX is trading at $32.78 per share after a gain of $0.13 per share (0.40%) thus far today.
AKRX Nears Deal To Be Acquired
As mentioned above, Akorn wasn’t doing so hot in the market early on this morning. However, that changed minutes ago as the stock started to spike. The gains are ultimately the result of news of a coming takeover deal. According to Reuters, Fresenius is near a deal to buy the company. If all goes well, they will be purchasing Akorn at between $33 and $35 per share, bringing the mean value of the potential takeover to more than $4 billion.
At the moment, neither of the companies are willing to provide a statement, as can be expected. Nonetheless, if this takeover does happen, it could result in incredible value being returned to AKRX shareholders.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AKRX. In particular, we’re interested in following the potential takeover story to see if the potential deal comes to fruition. We’ll continue to follow the story closely and bring the news to you as it breaks!
Update: The news above was not chatter… Germany’s Fresenius Kabi has agreed to buy AKRX for $34 per share. That works out to be $4.3 billion total acquisition value!
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