Cobalt Group Leaps on Buyout

By TSC Staff ,

Cobalt Group (CBLT) , providers of e-business services for auto dealers, was up 73.3% in late afternoon.

The company announced its largest shareholder, private investment firm

Warburg Pincus

, will buy the company for $3.50 a share, a 79.5% premium over Friday's closing price of $1.95. After the merger, Cobalt will be privately held by Warburg, which currently holds a 46% stake.

Loading ...