Signify Health (NYSE:SGFY) stock is climbing higher on Monday as investors react to reports that Amazon (NASDAQ:AMZN) is bidding on the health care company.
According to people familiar with the matter, it’s more than just Amazon trying to acquire Signify Health as well. Reports claim that CVS (NYSE:CVS) and UnitedHealth Group (NYSE:UNH) are also placing bids for Signify and SGFY stock.
Inside sources say that the bidding battle between these three companies could end up valuing Signify Health at $8 billion or more. However, traders will have to wait for more info. The final bids are reportedly set to be placed in September, around Labor Day.
How Much Is SGFY Stock Worth?
Recent reports claim that UnitedHealth currently has the highest bid for SFGY stock at more than $30 per share. Those same sources claim that Amazon’s offer is “close behind” that.
To put all of this in perspective, shares of SGFY stock were trading at $21.20 when markets closed on Friday. That’s the last day of trading before these bidding reports came. UnitedHealth’s $30 per share offer represents a 41.5% premium to the Friday closing price.
SGFY is seeing heavy trading on today’s bidding news. As of this writing, more than 12 million shares have changed hands. For comparison, the company’s daily average trading volume is closer to 1.8 million shares.
SGFY stock is up 33% as of Monday morning.
There’s more stock market news for traders to dive into below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
