Brooge Energy Becomes Takeover Target; A10 Networks Sees Below-Consensus Revenue
- October 03rd, 2023
- 580 views
Shares of Brooge Energy Ltd. (Nasdaq: BROG) surged by more than 20% in after-hours trading as Gulf Navigation Holdings PJSC (GULFNAV), a Dubai-based maritime and shipping company, submitted a formal proposal to fully acquire all of Brooge Energy Limited's businesses and assets.
The acquisition proposal is in its early stages, with GULFNAV conducting due diligence and Brooge Energy evaluating the offer. Brooge Energy has yet to respond, and acceptance is not guaranteed.
$BROG was trading at $6.95 in after-hours, reflecting a significant increase of $1.46 (+26.59%).
On the other hand, shares of A10 Networks, Inc. (NYSE: ATEN) saw a sharp decline of over 10% in the extended session following the company's announcement regarding its preliminary third-quarter 2023 financial results.
A10 Networks anticipates revenue for the quarter to range between $56.5 million and $58.5 million, significantly below the consensus estimate of $74.65 million in revenue for the period.
In after-hours, $ATEN was trading at $13.08, marking a notable decrease of $2.09 (-13.78%).
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