Skip to Content

Rover's stock rockets after $2.3 billion cash buyout deal with Blackstone

Shares of Rover Group Inc. (ROVR) rocketed 27.1% in premarket trading, putting them on track for a record one-day gain, after the online pet-care marketplace announced an agreement to be acquired by Blackstone Inc. (BX) in a cash deal valued at $2.3 billion. Under terms of the agreement, Rover shareholders will receive $11 in cash for each Rover share outstanding, which represents a 29.4% premium to Tuesday's closing price of $8.50. The stock hasn't closed at or above $11 since Dec. 9, 2021. The deal, which is expected to close in the first quarter of 2024. includes a "go-shop" period that expires on Dec. 29 that Rover can solicit other buyout proposals. Rover's stock has soared 131.6% year to date through Tuesday, while the S&P 500 has rallied 18.6%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

11-29-23 0910ET

Copyright (c) 2023 Dow Jones & Company, Inc.

Market Updates

Sponsor Center