Cardtronics confirms receipt of proposal to acquire all of the outstanding shares at $31/share

• Cardtronics (NASDAQ:CATM) is up 21.7% in pre-market, after it received a proposal from funds managed by affiliates of Apollo Global Management, Inc. and Hudson Executive Capital LP to acquire all of the outstanding shares of Cardtronics for $31/share.
• Cardtronics Board of Directors to review and assess the terms of the proposal.
• Cardtronics closed at $25.87 on December 8, 2020; proposal at ~20% premium.

Comments

[jamiemacph]

Guessing a competing bid is expected? Trading almost $3 over acquisition price unless I'm just missing something. Hasn't even accepted the proposal yet