Why Shift4 Payments Stock Suddenly Kicked It Into 5th Gear Today
Shares of financial-technology (fintech) company Shift4 Payments (NYSE: FOUR) suddenly skyrocketed on Thursday after a rumor surfaced that it's potentially an acquisition target for Global Payments (NYSE: GPN). As of 3:45 p.m. ET, Shift4 stock was up 6%, but it had been up by as much as 13% right after the news broke. For its part, Global Payments stock was down about 4%.
According to a Bloomberg article today, Global Payments is thinking about buying Shift4 Payments. Bloomberg cited anonymous "people with knowledge of the matter."
Considering that it's trading at one of its cheapest valuations ever, Shift4 might be worth considerably more in an acquisition scenario, which is why the stock is up today on the rumor -- investors want to get out in front of a potential deal.
Source Fool.com
