Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Healthcare giant CVS Health Corp. (NYSE:CVS) announced on Wednesday a definitive agreement to buy primary healthcare provider Oak Street Health Inc. (NYSE:OSH).
What Happened: CVS said it would buy Oak Street in an all-cash deal valued at $39 per share, representing an enterprise value of about $10.6 billion. This per-share price represents a 15.8% premium over the target company’s closing price of $33.68 on Tuesday.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
See Also: Best Healthcare Stocks
Incidentally, reacting to a Wall Street report of a potential deal, Oak Street shares ended Tuesday’s session 29.74% higher. At one point in the session, the stock hit an intraday high of $34.63.
The purchase price is about 50.2% higher than Oak Street’s closing price of $25.96 on Monday — the session before the rumor broke out.
“Combining Oak Street Health’s platform with CVS Health’s unmatched reach will create the premier value-based primary care solution,” said CVS Health President and CEO Karen Lynch.
The deal is expected to close in 2023. By 2026, CVS expects Oak Street will likely contribute $2 billion in adjusted EBITDA and synergy potential of $500 million over time.
Arbitrage Opportunity: StoryTrading founder Ben Rabizadeh said there is an arbitrage opportunity available, given Oak Street is trading under $35.
He also flagged Cano Health Inc. (NYSE:CANO), Talkspace Inc. (NASDAQ:TALK) and DarioHealth Inc. (NASDAQ:DRIO) as sympathy play.
According to Benzinga Pro data:
- Oak Street traded 3.92% higher, at $35, in premarket trading on Wednesday.
- Cano surged close to 10%, to $1.89.
- Talkspace rose 2.35%, to $0.87.
- DarioHealth rose 3.47%, to $5.97.
- Read Next: How Apple Could Be A Big Beneficiary Of The Microsoft-Google AI Battle
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.