California Deal Review Suspension Tied to New Leadership, Intermex Drops 8.5%
IMXI is trading near its 52-week low of $10.355 (12% above the low).
Summary
Intermex fell 8.5% after a CTFN report suggested California's suspension of the Western Union deal approval may stem from new leadership at the DFPI, not from New York's concessions. Rohit Chopra, sworn in July 1 to head the agency overseeing DFPI, may be taking a different view on consolidation in consumer finance. The Nov. 6 walk date is now less than a month away, giving either party the right to exit without penalty. This follows the Oct. 2 refiling of HSR notifications after the prior clearance expired. The report adds a new regulatory risk dimension to a deal already facing delays.
At the time of this announcement, IMXI was trading at $11.57 on NASDAQ in the Finance sector, with a market capitalization of approximately $349.5M. The 52-week trading range was $10.36 to $15.95. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.