Broadcom (NASDAQ:AVGO) stock and VMware (NYSE:VMW) stock are sliding on Tuesday as they come even closer to completing a merger deal.
The big news that has AVGO and VMW stock on the move today is approval for the deal from Chinese regulators. That’s worth noting as China was the last country that needed to approve the merger before it could close.
With that approval, Broadcom and VMware are planning to move forward with the merger immediately. That has the two companies expecting to close the transaction tomorrow. That will see Broadcom acquire VMW for $142.50 per share in cash.
AVGO and VMW Stock Movements Today
It’s not too surprising that AVGO stock would fall ahead of the deal with VMware. Buyers often see their shares fall before these types of transactions take place.
As for VMW stock, it’s falling to meet the offer price made by Broadcom. The company’s shares have recently increased above the offering price with them closing out Monday at $149.99 each. This could also be a sign that some investors aren’t overly excited about the deal.
With all of this news, shares of AVGO stock are down 1.7% while shares of VMW stock are down 4.7% as of Tuesday morning.
Investors who are seeking out even more of the hottest stock market stories today are going to want to keep reading!
We have breakdowns of all the biggest stock market stories worth reading about on Tuesday! A few examples include why stocks are down today, the latest on stock market holidays, and an update on Origin Materials (NASDAQ:ORGN) layoffs. All of that news is available at the following links!
More Stock Market News for Tuesday
- Why Are Stocks Down Today?
- Is the Stock Market Closed on Black Friday 2023?
- Origin Materials Layoffs 2023: What to Know About the Latest ORGN Job Cuts
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.
