Startek to Review Takeover Bid; Bullish Stance on Ardelyx
- August 25th, 2023
- 368 views
Shares of Startek, Inc. (NYSE: SRT) surged in after-hours trading following the announcement of a special committee of independent directors to assess the non-binding proposal by CSP Management Limited, dated July 18, 2023, which suggests acquiring all the remaining shares of Startek at a rate of $3.80 in cash per share.
CSP Management currently holds around 56% stake in Startek. Notably, the proposal from CSP indicates that it has no intentions of selling its interests in Startek or considering any collaboration or sale of assets to other potential parties.
$SRT was trading at $3.16 in after-hours, up $0.15 (+4.98%).
In other news, Ardelyx, Inc. (Nasdaq: ARDX), a pharmaceutical company, received a boost in investor sentiment as Cantor Fitzgerald upgraded the company from Neutral to Overweight and raised the price target from $5 to $10.
Considering that $ARDX closed at $3.94 on Friday, this revised price target indicates a potential upside of $6.06 or approximately 153.81%, based on the financial services firm's assessment.
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