Renew Energy (RNW) Loses 27% as Firm Pulls Out from Acquisit…
Insider Monkey – Free Hedge Fund and Insider Trading Data (Angelica Ballesteros)We recently published 10 Stocks Facing Selling Pressure Ahead of Christmas. ReNew Energy Global Plc (NASDAQ:RNW) is one of the biggest losers on Monday.
ReNew Energy nosedived by 27.15 percent on Monday to finish at $5.50 apiece as investors unloaded positions after Masdar, one of the largest renewable energy companies globally, pulled out from a $1 billion plan to take the former private.
In a statement over the weekend, Masdar said that it officially withdrew from a consortium that would have taken ReNew Energy Global Plc (NASDAQ:RNW) private.
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As a result, ReNew Energy Global Plc (NASDAQ:RNW) said that the entire merger proposal would no longer push through.
The decision followed a year-long negotiation, which raised the supposed acquisition to $8.15 per share from the initial offer of $7.07 apiece.
Apart from Masdar, the consortium also included CPP Investments, ADIA (through Platinum Hawk), and ReNew’s own founder and CEO, Sumant Sinha.
ReNew Energy Global Plc (NASDAQ:RNW) has yet to announce its next steps following the withdrawal of the transaction.
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While we acknowledge the risk and potential of RNW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RNW and that has 10,000% upside potential, check out our report about this cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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