© Reuters. 2 Rumors Lighting Up Trading Screens Today
By Investing.com Staff
Stocks closed mixed Tuesday in another volatile session ahead of this week’s highly anticipated inflation data, due Wednesday and Thursday. Despite the whipsaw trading action, several rumors drove trading in several names. Below we highlight a few:
Weber Inc (NYSE:) shares gained as much as 14% earlier in the session on a StreetInsider.com report that the company has hired investment bank Centerview Partners after a takeover approach from a P/E firm. Shares gave up gains as Bloomberg News reported that private equity firm BDT Capital, a large shareholder of the company, is discussing debt financing for the grill maker, and maybe not a full takeover. The board formed a special committee and is working with Centerview to explore options, the report added.
An analyst at BofA Securities believes that Denbury (NYSE:) may be worth around $120 per share in a takeover. They estimate that the oil and gas business is worth $72/share, and the replacement value of the pipeline is worth $50/share. On Monday, shares of Denbury rose nearly 7% Monday after StreetInsider.com reported that the company was in talks with a “strategic buyer,” which was later identified by Bloomberg News as Exxon Mobil (NYSE:).
Want to get this news first? Upgrade to InvestingPro for real-time market coverage.