Redbox slumps as shareholders approve discounted merger with Chicken Soup

Chicken Soup for The Soul Entertainment

10/08/2022 13:59

** Redbox Entertainment's shares  RDBX.O  plunge ~28% to
$2.52 premarket; set to open at a three-month low
    ** RDBX's shareholders approve discounted merger deal with
Chicken Soup for the Soul Entertainment  CSSE.O   urn:newsml:reuters.com:*:nFWN2ZL2U4
    ** CSSE had made an all-stock offer for RDBX on May 11 which
implied an offer price of ~69 cents that represented a discount
of ~88% to RDBX's close as of May 10  urn:newsml:reuters.com:*:nL3N2X332S
    ** 2 of 3 brokerages rate the stock  "hold" and 1 "sell";
their median PT is $1
    ** Up to Tuesday's close, stock had fallen ~53% YTD
    ** CSSE shares surge 24% premarket, set to open at its
highest in seven months

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))