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South Korean internet conglomerate Naver Corp (KR:035420, US:NHNCF) said early Tuesday that it agreed to buy social commerce marketplace Poshmark (US:POSH cnx.cmd.push(function() {var videoId = decodeURIComponent(""); cnx({ playerId: "0a52d238-33b5-4c04-ba5e-323e192cfbe8", mediaId: videoId}).render("b8b49474e42e4a61905a1353db504ac9"); });) for $17.90 per share in cash, or about $1.6 billion.
Yahoo Finance Live's Rachelle Akuffo looks at Poshmark's stock amid headlines of its acquisition by Naver.
Naver is buying Poshmark (POSH) for $1.2 billion. These are the details.
Shares of secondhand-fashion marketplace Poshmark Inc. rallied Tuesday after the company agreed to be acquired by South Korean search and e-commerce platform Naver Corp. for $1.2 billion a day earlier. Analysts say rival suitors for Poshmark POSH, +13.23% are unlikely due to the company's sluggish sales and struggles with its peers.
Sadly, many investors are staring down an 80% loss or more.
After months of declines that have seen investors fleeing and crushed valuations, the sudden outside interest of South Korea's largest eCommerce group in acquiring Poshmark for $1.2 billion has done more to energize the resale platform sector than anything in recent memory.
Poshmark (NASDAQ: POSH ) is an online marketplace for second-hand fashion. POSH stock rose 13% in pre-market trading on Oct. 4 after agreeing to sell itself to Korean search engine company Naver (OTCMKTS:NHNCF).
Poshmark Inc (NYSE:POSH) stock is surging today, up 13.1% at $17.61 at last glance, after news that South Korea-based e-commerce company Naver is acquiring the online marketplace for $1.2 billion.
Poshmark Inc (NASDAQ: POSH) opened nearly 15% up on Tuesday after Naver Corp (KRX: 035420) said it will buy the social commerce marketplace for $1.20 billion. Details of the announced agreement The $17.90 a share transaction is expected to complete by the first quarter of 2023.
Yahoo Finance Live anchors Brian Sozzi, Brad Smith and Julie Hyman discuss the expectations for Korean internet conglomerate company Naver's $1.2 billion all-cash Poshmark acquisition.