Why Shares of StoneCo Are Rising Today
What happened
(NASDAQ: STNE) were up today after the company raised its bid to buy Brazilian software company Linx S.A. (NYSE: LINX). StoneCo’s stock was up by as much as 5.6% today.
So what
entered into an agreement last month to buy Linx for R$6.04 billion (about $1.12 billion). Today, StoneCo updated the terms of the purchase, saying that it would now buy the company for R$35.10 (about $6.52) per Linx share. ” data-reactid=”20″>StoneCo entered into an agreement last month to buy Linx for R$6.04 billion (about $1.12 billion). Today, StoneCo updated the terms of the purchase, saying that it would now buy the company for R$35.10 (about $6.52) per Linx share.
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common shares. Additionally, StoneCo lowered the maximum breakup fee for the deal to R$453.75 million, down from the previous R$605 million, in the case that a Brazillian antitrust authority doesn’t approve the deal. If Linx shareholders don’t approve the deal, then Linx has to pay $R112.5 million.
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StoneCo said that each Linx share would now be worth R$31.56 plus 0.0126774 Stone Class A common shares. Additionally, StoneCo lowered the maximum breakup fee for the deal to R$453.75 million, down from the previous R$605 million, in the case that a Brazillian antitrust authority doesn’t approve the deal. If Linx shareholders don’t approve the deal, then Linx has to pay $R112.5 million.
Now what
Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of Stoneco LTD. The Motley Fool has a disclosure policy.” data-reactid=”45″>Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of Stoneco LTD. The Motley Fool has a disclosure policy.
Why Shares of StoneCo Are Rising Today was originally published by The Motley Fool” data-reactid=”46″>Why Shares of StoneCo Are Rising Today was originally published by The Motley Fool
