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Enterprising Investor

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Friday, 05/10/2024 2:12:04 PM

Friday, May 10, 2024 2:12:04 PM

Post# of 11
SP Plus gains amid report DOJ set to allow sale to Metroplis Technologies (5/10/24)

Parking garage operator SP Plus (NASDAQ:SP) quickly jumped 4% amid a report that its planned sale to Metropolis Technologies is expected to be approved by the US Dept. of Justice.

The DOJ is set to allow the $54 a share sale of SP Plus, according to several traders, who cited a report from an M&A/antitrust publication that was circulating on Friday.

SP Plus and Metropolis received a second request from DOJ in February.

SP Plus (SP) in October said that Metropolis Technologies will acquire the company for $54 per share in cash, which implies an enterprise value of ~$1.5 billion.

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International

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