Popeyes Louisiana Kitchen Inc (NASDAQ: PLKI)
Poppeyes Louisiana Kitchen is having an incredibly strong day in the market today. At the opening bell, the stock was already trading on overwhelmingly impressive gains. Since then, there has been no movement in either direction, but the gains are here to stay. 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 is having a great day in the market today. At the opening bell, the stock was already trading cleanly in the green. Since the market open, we haven’t seen much by way of upward or downward movement as investors seem content with the current price. At the moment (11:58), PLKI is trading at $78.80 per share after a gain of $12.68 per share or 19.18% thus far today.
Why The Stock Is Up
As is almost always the case, our partners at Trade Ideas were the first to give us the alert that PLKI was up in a big way. As soon as we received the notification, the CNA Finance team started working to see what was causing the movement. It didn’t take long to dig up the story. The gains are the result of takeover news.
Recently we covered Popeyes Louisiana Kitchen as rumors started to break that the company was going to be acquired. However, this is unlike most other rumors. That’s because, this morning, the rumor became true. Restaurant Brands has agreed to buy Popeyes. The deal comes to a total of $1.8 billion in cash or $79 per share, representing a strong 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 for further news surrounding this acquisition as it is subject to customary closing conditions. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
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