Cash Windfall For Avantax Stockholders - Stock Jumps On Buyout Deal
Portfolio Pulse from Akanksha Bakshi
Avantax Inc. (NASDAQ:AVTA) has agreed to be acquired by Cetera Holdings for about $1.2 billion in an all-cash deal. Avantax stockholders will receive $26.00 per share in cash, a 30% premium over the September 8, 2023, closing stock price. After the completion, Avantax will become a standalone business unit within the Cetera family.
September 11, 2023 | 2:00 pm
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POSITIVE IMPACT
Avantax's acquisition by Cetera Holdings for $1.2 billion will result in a cash windfall for Avantax stockholders, who will receive $26.00 per share in cash. This has led to a surge in Avantax's stock price.
The acquisition news has led to a positive impact on Avantax's stock price, as it represents a 30% premium over the closing stock price on September 8, 2023. This is likely to result in a short-term increase in the stock price as investors react to the news.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100