The stock price of IPTV video delivery specialist KIT Digital continues to be a roller coaster. Last week the company’s stock dropped more than 22% in one day following the disclosure that four directors had resigned from the company’s board, and that Kaleil Isaza Tuzman will step down as CEO and become chairman on March 31st.
Today the company’s shares soared after Roth Capital said in a note to investors that KIT Digital is preparing to be sold, with the likely buyers being a private equity firm.
KIT Digital is no stranger to M&A, having bought and rolled up more than a dozen companies over the past few years. KIT hinted that it might be acquired earlier this month when it announced that it had formed a strategic transaction committee to vet potential offers.
It will be interesting to watch this play out.
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