Why Shift4 Payments Stock Dropped This Morning
Shares of financial technology (fintech) company Shift4 Payments (NYSE: FOUR) dropped on Monday morning as the market digested news regarding a potential sale of the company. As of 10 a.m. ET, Shift4 stock was down 9%.
According to a weekend report from Bloomberg, Shift4 founder and CEO Jared Isaacman sent an internal memo on Friday. The memo said that multiple companies have offered to buy Shift4 for more than its stock price right now. But the board of directors decided that the offers weren't high enough.
On one hand, investors might interpret this as bullish news. According to a previous Reuters report, and Amadeus were in a bidding war for Shift4, potentially valuing the company at $7 billion. For perspective, its current market cap is only $6 billion. Therefore, the acquisition offers represent upside.
Source Fool.com
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