ATM operator Cardtronics gets new, higher buyout bid, stock jumps 12%

/ / News

Cardtronics PLC stock rallied 12% in the extended session Thursday after the ATM owner and operator said it has received a better buyout proposal. Cardtronics said last month it had agreed to a $2.3 billion buyout by funds associated with Apollo Global Management Inc. and Hudson Executive Capital LP, itself a sweetened deal of $35 a share compared with a previous bid of $31 a share. The third party, which was not disclosed, offered to buy the company for $39 a share in cash. Cardtronics said its board has reviewed the new, unsolicited proposal and is discussing it with the newcomer. The agreement to sell itself to the Apollo and Hudson funds “remains in full force and effect,” with the support of the board, Cardtronics said. Cardtronics shares ended the regular trading day down 0.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.