Ithaca Holdings Nears Deal to Acquire Bumble, Sources Say
BMBL is trading near its 52-week low of $2.44 (4.1% above the low) on light trading volume (0.3× avg).
Summary
Ithaca Holdings is reportedly close to a deal to acquire Bumble for roughly $1 billion to go private, according to Dow Jones Newswires citing sources. The news lands with Bumble trading near its 52-week low at $2.54 and a market cap around $335 million. This follows a difficult stretch: Q2 revenue fell 15% to $210.5M with a $169.3M impairment charge, and Blackstone has been aggressively selling down its stake through multiple Form 144 filings and a 13D/A showing its position reduced to 14.1%. An acquisition would mark a major strategic shift and likely provide a premium to the current depressed price. The report is from a Tier 1 wire service, adding credibility.
At the time of this announcement, BMBL was trading at $2.54 on NASDAQ in the Technology sector, with a market capitalization of approximately $335.2M. The 52-week trading range was $2.44 to $5.96. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.