Why Stars Group's Shares Popped 35% Today

Shares of Stars Group (NASDAQ: TSG) jumped as much as 35.4% in trading Wednesday after announcement of a merger with Flutter Entertainment. Shares settled slightly as the day wore on and were up 30.6% at 11:10 a.m. EDT.

Under the terms of the merger, Stars Group shareholders will get 0.2253 shares of the new Flutter company for each share they own. Stars Group shareholders overall will own 45.36% of the new company. Flutter's stock is up 6.8% as I'm writing and is helping some of the gains for Stars Group stock. 

Image source: Getty Images.

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Source Fool.com