Spartan Stores (SPTN), the regional grocery distributor operating in Michigan and Indiana, announced that it will merge its operations with Nash-Finch.
After witnessing a big spike upwards in the share price of both companies at the start of the trading session, shares ended the day near session lows, but were still in the green.
I believe that investors are discounting the benefits in the form of sizable synergy estimates from the deal, allowing for the possibility of a short term momentum ride in the shares of both stocks in the coming weeks.
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