NEW YORK (TheStreet) -- Shares of Martha Stewart Living Omnimedia (MSO) are higher by 5.52% to $6.50 in pre-market trading on Thursday morning, as the New York Post reports that the company is being pursued by five possible bidders.
On Monday, a statement was released on the Martha Stewart website saying that Sequential Brands (SQBG) had signed a definitive merger agreement with the company worth $353 million.
However, insiders told The Post that the CEO of the consumer brand company, Yehuda Shmidman, leaked the deal before it was finalized.
"It went from being a locked-up, no-shop deal to a completely renegotiated, go-shop deal over the weekend," a source told The Post.
Other companies said to be interested in Martha Stewart Living are Meredith Corp., Iconix, Global Brands, Li & Fung, and Authentic Brands, The Post noted.
Insight from TheStreet's Research Team:
TheStreet's David Peltire commented on Martha Stewart Living Omnimedia in a post today on Stocks Under $10. Here is a snippet of what Dave had to say:
We agree that the initial bid from Sequential appeared low, but we see a 50% chance at best that a competing bid could trump the original offer. We maintain our Two rating on the stock, as $6.15 should be the floor for the next four weeks, as Martha Stewart is free to entertain other bids.
-David Peltier 'Martha Stewart Attracting More Suitors?' Originally Published on 6/25/15 on Stocks Under $10.