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Nastassia Samal
Poshmark (NASDAQ:POSH) rose 1.1% and briefly went above its deal value of $17.90 with Naver (OTCPK:NHNCF) after it was disclosed that Naver Corp. was in unique talks with the luxurious items platform.
Poshmark CEO Manish Chandra disclosed in an interview printed Wednesday that Naver approached the corporate and talks a couple of partnership ultimately led to takeover discussions in the previous couple of moths.
” Yeah, no we weren’t in search of” a takeover, Chandra mentioned in an interview that was launched in a submitting on Wednesday. “Naver approached us. We initially hung out our deep strategic partnership with them and in some unspecified time in the future it made extra sense to return collectively as one firm, and that is the motion we took over the previous couple of months.”
Poshmark (POSH) rose on Tuesday as some traders imagine one other purchaser might probably be excited by a rival bid because the talks with Naver gave the impression to be unique.
Naver (OTCPK:NHNCF) on Tuesday agreed to accumulate the entire issued and excellent shares of Poshmark (POSH) for $17.90 in money, representing an enterprise worth of ~$1.2B.
Wedbush on Tuesday mentioned it believed the value for Poshmark (POSH) appeared honest.
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