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Shares of Hypercom Corp
HYC jumped in pre-market trading as the company announced the rejection of an unsolicited buyout offer of $5.25 per share from VeriFone Systems Inc
PAY.
Hypercom believes that the offer by PAY undervalues the electronic-payments firm. VeriFone has offered to acquire all the remaining common shares of HYC for $5.25 per share, representing a 33% premium to its six-month average price.
"Hypercom believes that VeriFone's proposal is opportunistic and intended to disrupt its business, which has successfully taken market share from VeriFone in several markets," Hypercom said.
Shares of Hypercom advanced 45.39% to $6.15 in pre-market trading, while PAY shares lost 0.29% to $28.97 in after-hours trading.
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from Benzinga's Company news.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsM&AIntraday UpdateMarketsTrading IdeasComputer Storage & PeripheralsData Processing & Outsourced ServicesInformation TechnologyRejects Unsolicited Buyout Offer
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