US Stocks Rebound Monday

Elliott Management's ASG Technologies Group increases offer to buy Mitek Systems

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Dec 10, 2018
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U.S. stocks were in positive territory on Monday, leaving behind some fears regarding the U.S.-China trade dispute.The Dow Jones Industrial Average advanced 0.14% to 24,423, the S&P 500 index gained 0.18% to 2,637 and the Nasdaq Composite Index rose 0.74% to 7,020.

Shares of Mitek Systems Inc. (MITK, Financial) rose 8.7% on Monday after ASG Technologies Group increased its previous buyout offer to $11.50 per share in cash.

In a letter sent to the Mitek board of directors two weeks ago, ASG CEO Charles Sansbury said that the new offer price is a 73% premium the Oct. 9 price.

Further, the letter said the transaction will not be subject to any financing conditions.

The stock closed at $9.75, so it still provides some upside potential.

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Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.83%, France's CAC 40 lost 1.47%, Germany's Dax tumbled 1.54% and Spain's IBEX 35 retreated 1.76%.

In Asia, Japan's Nikkei 225 fell 2.12%, India’s BSE Sensex lost 2.0%, Hong Kong's Hang Seng slid 1.19% and China's Shanghai Composite dipped 0.82%.

Disclosure: The author holds no positions in any stocks mentioned.