Why Envestnet Stock Rose 13% in January
Shares of Envestnet (NYSE: ENV) jumped 13.3% last month, according to data provided by S&P Global Market Intelligence, due in part to rumors that the financial technology company might be an acquisition target.
Speculation about a potential sale began soon after the tragic death of co-founder and CEO Jud Bergman in a car accident in October. Bergman was succeeded by Envestnet's co-founder and president, Bill Crager, who took over as interim CEO.
Rumors of a sale intensified in January when investment management titan BlackRock and private equity firms Blackstone and KKR were identified in news reports as possible suitors. Any acquisition deal would likely need to include a large premium to Envestnet's current trading price, in order to entice shareholders to tender their shares.
Source Fool.com
