WideOpenWest (NYSE:WOW) stock is rising higher on Friday after the technology company received an unsolicited takeover offer from DigitalBridge Investments, LLC and Crestview entities.
WideOpenWest confirmed that it had received a takeover offer from DigitalBridge Investments that would see the firm acquire all outstanding shares of WOW stock. The firm is willing to pay $4.80 per share for WOW stock.
DigitalBridge Investments intends to pay for the WideOpenWest shares with cash. The company’s offer represents a 26.6% premium over WOW’s closing price of $3.79 per share on Thursday.
WideOpenWest says that its Board of Directors will establish a special committee made of independent directors to evaluate the unsolicited non-binding preliminary proposal. The company says WOW stockholders don’t need to take any action at this time.
What This Means for WOW Stock
The takeover offer from DigitalBridge Investments has WOW investors excited on Friday. That brings with it heavy trading of shares. This has more than 3 million units changing hands as of this writing, a major leap over its daily average trading volume of about 602,000 shares.
WOW stock is up 29.8% as of Friday morning.
There are more stock market stories worth reading about today!
We have a collection of these stories ready to go for traders on Friday! A few examples include what’s happening with Palantir (NYSE:PLTR), Apple (NASDAQ:AAPL) and Amgen (NASDAQ:AMGN) stock. All of this news is ready to go at the links below!
More Stock Market News for Friday
- Jefferies Just Raised Its Price Target on Palantir (PLTR) Stock
- AAPL Shares Pop on $110 Billion Apple Stock Buyback Plans
- AMGN Stock Alert: Is Amgen the Next Hot Weight-Loss Drug Company?
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.
