Why Playtika Stock Rose Today

Jeremy Bowman, The Motley Fool
·2 min read
Why Playtika Stock Rose Today

Shares of Playtika (NASDAQ: PLTK) were trading higher Tuesday after the mobile gaming company announced the preliminary results of a recent tender offer to buy back some of its stock. Playtika had announced the tender offer at the end of August, saying at the time that, after a strategic review, management had concluded that it was in the best interests of Playtika and its controlling shareholder group, the Giant/Alpha Group, due to Giant/Alpha's debt obligations. Without a tender offer, it said, Giant/Alpha might have been forced to liquidate a substantial percentage of its position, pushing the stock price lower.

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