Cano Health (NYSE:CANO) stock is moving on Friday from reports that Humana (NYSE:HUM) and CVS (NYSE:CVS) are considering buying the company.
According to insider sources, both companies have expressed interest in buying out CANO and bringing the company into their folds. This reportedly comes after the company started exploring sale options last month.
Unfortunately, we still don’t know the finer details of the offers, such as how much CANO stock is being valued at. Cano, Humana, and CVS are all refusing to comment on the current buyout reports.
What we do know is that investors will want to keep an eye on CANO stock in the coming weeks. Insiders at the company told Reuters that this timeframe is when a potential deal with Humana or CVS could be finalized.
There’s No Guarantee a Deal Will Be Made
On that same note, the insiders behind these reports warn that a deal may not happen. Cano Health may choose to remain independent instead of selling itself to one of the interested parties.
CANO is seeing heavy trading on Friday as investors react to the acquisition reports. This has more than 4.3 million shares of the stock on the move as of this writing. That’s already matching the company’s daily average trading volume.
CANO stock started off up this morning but is currently down almost 1% as of Friday morning.
Investors looking for all of the latest stock market news will want to stick around!
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On the date of publication, William White did not have (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.