Deals News Hubb
Advertisement Banner
  • Home
  • Business Deals
  • Shopping Deals
  • Contact
No Result
View All Result
  • Home
  • Business Deals
  • Shopping Deals
  • Contact
No Result
View All Result
Gourmet News Hubb
No Result
View All Result
Home Business Deals

Cano Health stock plunges on report activist Third Point sold stake, creditors organizing

admin by admin
December 8, 2022
in Business Deals


Update 9:40am: Updates shares.

Cano Health (NYSE:CANO) fell 19% in early trading on Thursday after a report that activist investor Third Point sold its remaining stake amid worries about the healthcare company’s liquidity.

Third Point exited it Cano stake through a block trade last week, according to a Bloomberg report on Wednesday, which cited people familiar. Some of Cano’s biggest creditors are separately said to be organizing prior to possible debt discussions.

Cano Health and Third Point declined to comment to Bloomberg.

Dan Loeb’s Third Point hedge fund in March reported a 6.4% stake in Cano (CANO) and said the company should explore strategic alternatives, including a potential sale. In late October Third Point reported a reduced stake in Cano.

The latest report comes as Cano Health (CANO) has been a takeover target for months after a report that CVS Health (CVS) was in talks to acquire the primary care provider and after other M&A in the sector. Cano shares have plunged almost 80% since mid-October after a report that talks with CVS had ended.

Cano (CANO) shares plunged 35% on Nov. 10 after the company company issued its second consecutive guidance cut along with its Q3 financials.



Source link

Previous Post

10 TikTok Ideas to Creatively Gift Wrap Like a Total Pro

Next Post

Ads disappear as Google Ad Manager briefly goes down

Next Post

Ads disappear as Google Ad Manager briefly goes down

Recommended

Chegg’s shares fall 50% as customers flee to ChatGPT

1 month ago

Bring a potato. Get a movie ticket

2 months ago

Google Cloud adds Casper Labs to growing portfolio of Web3 partnerships

3 months ago

Paul Krugman: better option than $1 trillion platinum coin

1 month ago

Does Starbucks Deliver? Only If You Follow These Rules

8 months ago

Union Pacific looking for new chief executive amid activist pressure

3 months ago
Deals-(-White-)

© Deals News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Business Deals
  • Shopping Deals
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Business Deals
  • Shopping Deals
  • Contact

© 2022 Deals News Hubb All rights reserved.