Poshmark Shares Rally Premarket on Takeover by Naver
October 04 2022 - 6:28AM
Dow Jones News
By Colin Kellaher
Shares of Poshmark Inc. jumped more than 10% in premarket
trading Tuesday after the online fashion marketplace agreed to be
acquired by South Korean internet giant Naver Corp. for about $1.2
billion.
Naver will pay $17.90 a share in cash for Poshmark, a 15%
premium to Monday's closing price of $15.57 for the Redwood City,
Calif., company.
However, the takeover price is less than half of Poshmark's $42
initial public offering price and well below the all-time high of
$104.98 the stock hit on the day of its trading debut. in January
2021.
The deal is slated to close by the first quarter of 2023.
Poshmark shares were recently up nearly 12% to $17.38 in
premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 04, 2022 06:13 ET (10:13 GMT)
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