Market Buzz: Takeover Bid for System1's Unit; Photronics Misses Estimates
- September 06th, 2023
- 382 views
System1, Inc. (NYSE: SST) said that it has received a non-binding acquisition offer from Just Develop It Limited for Total Security Limited, a System1 company.
The proposal includes $240 million in cash, the assumption of potential earnout payments, and the transfer of around 29 million System1 shares held by Just Develop It and associated parties.
$SST was trading at $2.34 in pre-market, up $0.50 (+27.17%) following the announcement.
In other news, Photronics, Inc. (Nasdaq: PLAB), a semiconductor manufacturing company, reported third-quarter fiscal 2023 earnings of $0.51 per share, slightly below the consensus EPS estimate of $0.52. The company's quarterly sales amounted to $224.21 million, falling short of analysts' projected revenue of $230.00 million.
In pre-market, $PLAB was trading at $22.28, down $1.22 (-5.19%).
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