Topic: How To Invest

Spinoffs, Takeovers and Special Situations Hotline – Friday, October 25, 2019

Article Excerpt

ENDEAVOR HOLDINGS GROUP is one of the world’s largest global entertainment, sports and content firms. The company was formed when the Endeavor Talent Agency merged with the William Morris Agency in 2009. The company also owns the Ultimate Fighting Championship, Miss Universe pageant, and the Professional Bull Riders circuit. Earlier this year Endeavor filed paperwork with U.S. regulators for an initial public offering (IPO) of common shares. The shares would have traded on New York under the symbol PD. The company subsequently postponed those plans until this fall so that it could close its $700 million acquisition of premium-hospitality and live-events company On Location Experiences LLC. The acquisition diversified the entertainment company’s revenue streams. However, on October 16, 2019, the company officially announced that it had withdrawn its plans to go public. The main reason was the weakening of demand for new issues among stock market investors. For instance, Peloton Interactive Inc. (symbol PTON on Nasdaq) went public on September 25, 2019 at $29…

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