Express Shares Rocket Higher Following Investment By Sycamore, Prospect To Buy Remaining Shares
A 13D filing from 1981 Investments, a unit of Sycamore, after Thursday's close is sending shares of Express (NASDAQ: EXPR) flying higher.
Although Sycamore is now showing a 9.9 percent stake in the retailer, what is really moving Express shares is the language in the filing. Sycamore disclosed, following some due diligence, it plans to submit a “proposal to acquire all of the remaining common stock of the Issuer not owned by Sycamore.”
Shares of Express last traded around $16.36, up more than 17 percent following the announcement. Before the quick spike higher, shares of Express were down 38 percent over the last year, while the S&P 500 has picked up about 17 percent.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.