Redfin Soars More Than 75% on Acquisition News -- Here's What Investors Need to Know
The stock market was having a generally negative day on Monday, with all the major market indices firmly in the red. But looking at Redfin's (NASDAQ: RDFN) stock price, you'd never know it. As of 10 a.m. ET, Redfin was up by a staggering 77% for the day.The spike isn't fueled by earnings results or anything like that. Instead, Redfin is being acquired by lending giant Rocket Companies (NYSE: RKT).Redfin is being acquired in an all-stock transaction. It values Redfin at $12.50 per share, but it's important to know that it's based on Rocket's share price at the time of the deal's announcement.Continue reading
The stock market was having a generally negative day on Monday, with all the major market indices firmly in the red. But looking at Redfin's (NASDAQ: RDFN) stock price, you'd never know it. As of 10 a.m. ET, Redfin was up by a staggering 77% for the day.
The spike isn't fueled by earnings results or anything like that. Instead, Redfin is being acquired by lending giant Rocket Companies (NYSE: RKT).
Redfin is being acquired in an all-stock transaction. It values Redfin at $12.50 per share, but it's important to know that it's based on Rocket's share price at the time of the deal's announcement.
