Here's Why Poshmark Stock Likely Jumped for the Last Time Today
Shares of social-fashion company Poshmark (NASDAQ: POSH) jumped on Tuesday after management agreed to being acquired by Naver for $17.90 per share. As of 10:30 a.m. ET, Poshmark stock was up 13%.
Naver is a Korean internet company that's buying Poshmark. Naver claims that its strengths are in areas like data analytics and search, which it believes will help Poshmark succeed in the same way it's thriving in Asia. Moreover, the deal helps Naver gain exposure in the important U.S. market.
In the official press release, it's implied that Naver is buying Poshmark for a generous premium. For context, Poshmark stock hovered around its low of about $10 per share as recently as three months ago. And the press release says Naver is paying a 48% premium to Poshmark's average price over the past 90 days.
Source Fool.com
