Luis Alvarez
Stock futures were mixed in the premarket hours of Monday as investors looked forward to key inflation data and the start of earnings season, which could impact the market rally, with several big companies across the financial, consumer, and technology sectors set to report quarterly results.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- Class A (NASDAQ:PARAA) and Class B (NASDAQ:PARA) shares of Paramount Global increased by 7% and 5%, respectively, following the announcement of the Hollywood studio’s merger with Skydance Media in an all-stock deal valuing Skydance at $4.75B. Skydance equity holders will receive 317M Class B shares, valued at $15 per share. After the transaction, the Skydance Investor Group will own 100% of the new Paramount Class A shares and 69% of the outstanding Class B shares, or about 70% of the pro forma shares outstanding. The cash election amount offered to Paramount’s stockholders represents a 48% premium to the Class B stock price and a 28% premium to the Class A stock price, both as of July 1, 2024.
- Pharmaceutical company Grifols’ (NASDAQ:GRFS) shares jumped 18% following news that its founding family and asset manager Brookfield have proposed a joint takeover bid to acquire and delist the company. This move comes amid significant market value losses triggered by a short-seller attack from Gotham City Research earlier this year. Grifols announced the potential transaction in a regulatory filing, emphasizing uncertainty regarding its realization and terms. The pharmaceutical firm has been navigating a crisis since January, responding by restructuring leadership, including appointing an external CEO and a new CFO, to reassure investors amidst ongoing challenges.
- R1 RCM (NASDAQ:RCM) shares surged nearly 12% after TCP-ASC announced it was finalizing a proposal to purchase outstanding shares of the company not owned by the holder. The proposal is for a higher price than the $13.25 described in the standstill waiver from New Mountain Capital. The latest disclosure comes after R1 RCM dropped 13% on Tuesday after New Mountain Capital said it is no longer interested in pursuing a joint proposal with TCP-ASC. Joseph Flanagan, a board member and former CEO of R1 RCM, is in discussions with TCP-ASC about serving as a senior executive with R1 RCM after the deal is completed.