Marvell Technology (MRVL) Stock: Spiking On Takeover Offer

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Marvell Technology Group Ltd. (NASDAQ: MRVL)

Marvell was off to a relatively strong start in the market this morning before correcting in early morning hours. Nonetheless, minutes ago, we started to see a new spike in the stock. After digging a bit, we found the reason. Below, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from MRVL ahead.

MRVL Is Having A Strong Day

As mentioned above, Marvell Technology Group started the day off strong in the market before an early morning correction that brought the stock back down to nearly break-even. Nonetheless, we started to see a high momentum spike upward just minutes ago. At the moment (10:25), the MRVL is trading at $13.28 per share after a gain of $0.16 per share or 1.20% thus far today.

Why The Gains Are Happening

As soon as we saw the spike on MRVL, the CNA Finance team started digging for a cause, and this one definitely has a valid cause. According to reports, Marvell Technology has received a takeover offer from Broadcom. If these reports are correct, Broadcom is willing to pay $8.3 billion in order to acquire the company; which would represent a strong premium.

What We Can Expect To See Ahead

Moving forward, I’m expecting to see more gains throughout the day as investors cheer the concept of an acquisition. However, it’s important to remember that at this point, MRVL hasn’t accepted the offer and could refuse it. So, keep an eye on the story as it unfolds for clues with regard to what’s likely coming next for MRVL shareholders.

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Hey, Im Joshua, the founder of CNA Finance. I enjoy following the trends in the market and finding the catalysts that are making the moves. If you want to get in contact with me, leave a comment below or email me at CNAFinanceHelp@gmail.com Please keep in mind that I am not an investment advisor and nor is CNA Finance. This is a news and information gathering outlet. We may work directly with some of the companies that we write about. If we have a business relationship with an issuer, we will mention that in the articles. We also have various affiliate relationships with advertisers and may be paid if you sign up for a service that you were referred to through our website.

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