Kindred rallies as it explores strategic alternatives

Kindred

26/04/2023 09:06

** Shares in Kindred  KINDsdb.ST  jump 13% after Swedish the
online gambling group started a review of strategic
alternatives, including a possible merger or sale of the company
    ** "As part of this strategic process, the Board of
Directors will consider all potential alternatives that can
deliver value for the company's shareholders," Kindred said
     ** It has not set a timetable for completion of the review,
and cautioned there can be no assurance as to its outcome
    ** "We assume the addition of activist investor Corvex
Management to the board has catalysed the review," Jefferies
analysts said in a note
    ** Corvex, which is Kindred's top shareholder with a 15%
stake, last year urged the company to conduct evaluation of
strategic alternatives 
    ** The stock, set of its biggest daily percentage gain in
over 3 years, is a top performer of the pan-European STOXX 600
 .STOXX  index 


 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))