Why Collectors Universe Stock Traded Up 18% Today
Shares of the collectibles authenticator service Collectors Universe (NASDAQ: CLCT) jumped today after a previous acquisition offer was increased by more than 20%. As of 3:15 p.m. Wednesday, shares traded up 18% to just below the $92-per-share acquisition offer.
On Nov. 30, 2020, the company -- which grades and authenticates high-value collectibles including coins, trading cards, and memorabilia -- was presented with a cash buyout offer of $75.25 per share. It was made by an investor group led by entrepreneur and sports card collector Nat Turner, and was recommended by the board of directors at the time.
Amid strong business results that were also announced separately today, the company said the tender offer to shareholders has been amended to $92, representing an 18% premium over Tuesday's closing share price.
Source Fool.com
