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Replace 9:40am: Updates shares.
Cano Well being (NYSE:CANO) fell 19% in early buying and selling on Thursday after a report that activist investor Third Level bought its remaining stake amid worries in regards to the healthcare firm’s liquidity.
Third Level exited it Cano stake by way of a block commerce final week, based on a Bloomberg report on Wednesday, which cited individuals acquainted. A few of Cano’s largest collectors are individually stated to be organizing previous to attainable debt discussions.
Cano Well being and Third Level declined to remark to Bloomberg.
Dan Loeb’s Third Level hedge fund in March reported a 6.4% stake in Cano (CANO) and stated the corporate ought to discover strategic alternate options, together with a possible sale. In late October Third Level reported a decreased stake in Cano.
The newest report comes as Cano Well being (CANO) has been a takeover goal for months after a report that CVS Well being (CVS) was in talks to amass the first care supplier and after different M&A within the sector. Cano shares have plunged virtually 80% since mid-October after a report that talks with CVS had ended.
Cano (CANO) shares plunged 35% on Nov. 10 after the corporate firm issued its second consecutive steerage lower together with its Q3 financials.
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