Why Sketchers Stock Is Skyrocketing Today
The stock of Sketchers (NYSE: SKX) is surging in Monday's trading following an announcement that the company is set to be acquired. The footwear specialist's share price was up 24.5% as of 1:45 p.m. ET today amid the backdrop of a 0.3% decline for the S 500 index.
Before the market opened this morning, Sketchers published a press release announcing that it has reached a deal to be bought out by 3G Capital in a $9 billion deal. Because the shareholders with a majority stake in the business have already approved the transaction, the deal is almost certain to go through, and the stock is soaring toward its buyout valuation today.
Image source: Getty Images.
Source Fool.com
