Merger and acquisition news sent several stocks, including media company Paramount Global (PARA), higher early Monday. Meanwhile, a medical-waste-disposal company was positioned for a possible breakout on acquisition reports.
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Paramount stock bolted more than 6% higher during premarket action on Monday following reports Hollywood studio Skydance is looking to buy a number of nonvoting Paramount shares at around $15 per share. The deal, as reported by the Wall Street Journal, would see Skydance buy National Amusements and merge with Paramount.
Paramount stock closed on Friday at 11.91. On Friday, Apollo Global Management (APO) was IBD Stock Of The Day. Reports on April 19 said Apollo was in talks with Sony (SONY) for a joint bid on Paramount. The New York Times reported in late May that Sony and Apollo Global had signed nondisclosure agreements with Paramount, allowing them to look at Paramount’s nonpublic financial information.
M&A: Boat Deals
Boat dealer MarineMax (HZO) surged 19% early Monday. Bloomberg reported Sunday that OneWater Marine (ONEW) is in discussions to acquire MarineMax, its larger competitor.
OneWater has offered an all-cash deal for MarineMax of $40 per share, according to Bloomberg. The acquisition negotiations have reportedly been going on for months. If successful, the combined company would be valued at around $2.5 billion, including debt.
MarineMax stock jumped 2.4% to 28.48 on Friday. OneWater stock dropped 5.2% Monday after advancing 2% to 25.84 on Friday.
M&A: Not Wasting Time
Stericycle (SRCL) stock also surged more than 16% before the market opened Monday. The Wall Street Journal reported Sunday that Waste Management (WM) is close to acquiring the medical waste disposal company in a $7 billion deal.
SRCL shares advanced 4.5% to 51.54 on Friday. Stericycle is basing with an official 57.06 entry. If the early move holds, Stericycle would break out above that buy point.
Stericycle reported $1.4 billion in long-term debt in its first-quarter results. Houston-based Waste Management is a major U.S. player in trash and waste removal. The company boasts it has the largest number, more than 250, of landfills in the U.S.
WM shares fell 2% early Monday. On Friday, Waste Management stock gained 2.2% to 210.73.
Waste Management stock is currently in a flat base, about 2% below an official buy point of 214.54, according to MarketSurge analysis.
has a 94 Composite Rating out of a best-possible 99. WM also has an 84 Relative Strength Rating and a 94 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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