Yahoo Finance Why Everi (EVRI) Stock Is Up Today
What Happened:
Shares of casino gaming technology company Everi (NYSE:EVRI) jumped 42.2% in the morning session after the company announced it has agreed to a deal to be acquired alongside IGT's Gaming & Digital business by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction. The deal values the acquired businesses at approximately $6.3 billion. To provide some context, on February 29, 2024, IGT and Everi agreed to a deal in which IGT would spin off its Gaming business and combine it with Everi. Under the new deal terms, Everi stockholders will receive $14.25 per share in cash, representing a 56% premium over Everi's closing share price on July 25, 2024.
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What is the market telling us:
Everi's shares are not very volatile than the market average and over the last year have had only 16 moves greater than 5%. But moves this big are very rare even for Everi and that is indicating to us that this news had a significant impact on the market's perception of the business.
Everi is up 13.5% since the beginning of the year, but at $12.94 per share it is still trading 14.8% below its 52-week high of $15.19 from July 2023. Investors who bought $1,000 worth of Everi's shares 5 years ago would now be looking at an investment worth $1,046.
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