🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

GoHealth shares plunge 15% after saying investor group withdrew takeover proposal

Published 08/25/2023, 06:53 AM
© Reuters.  GoHealth (GOCO) shares plunge 15% after saying investor group withdrew takeover proposal
GOCO
-

GoHealth (NASDAQ:GOCO) shares fell 15% in early Friday trade after the company announced that reporting persons and CB Stockholders have informed its Special Committee that they are withdrawing their takeover proposal.

The interested parties will no longer pursue the proposed transaction as of the evening of August 24, 2023, according to the filing.

In May, the investor group delivered a non-binding proposal to GoHealth to acquire shares that they do not already own for $20 apiece.

“In response to feedback from the special committee of the Board that it will not pursue a transaction with the Reporting Persons and the Founder Stockholders under the terms set forth in the Proposal, the Reporting Persons and the Founder Stockholders informed the Special Committee on the evening of August 24, 2023 that they would withdraw the Proposal and cease to pursue the Proposed Transaction,” it is said in the filing.

Earlier this month, GoHealth reported its second-quarter results with revenue coming in at $142.8 million, crushing the expected $116.5 million.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.