Vestis falls as Elis abandons takeover efforts

Investing.comOct 4, 2024 3:30 PM

View all comments（0）



Shares of Vestis fell over 3% on Friday after Elis announced it had abandoned takeover discussions with the company.

Vestis has been under pressure this year, down 33%, with an additional decline of over 8% in the past week.

In a press release, Elis, a French company, revealed it had terminated talks with both Vestis and UniFirst (NYSE:UNF) as part of its exploration of entering the U.S. market.

The company cited the inability to achieve a deal that aligned with its financial discipline as the reason for ending the discussions.

"Both discussions have been terminated, as neither would have allowed Elis to complete a transaction that would be in line with the company’s strict financial discipline," Elis stated in the release.

Despite the end of these talks, Elis emphasized that it remains committed to its strategy of pursuing organic growth and value-creating acquisitions.

The company plans to focus on maintaining its leadership in existing markets and continues to explore potential new market opportunities.

"The Group’s operational know-how, its growth profile and its model based on the principles of the circular economy will enable Elis to continue to assert its leadership in all the countries in which it operates, while continuing exploring opportunities in new markets," said Elis.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

US Stocks Edge Up as Fed Holds Rates; Tech Stocks Lead, Oracle Rises 10%, SK Hynix Jumps Over 13% Post-Earnings

On October 28 Eastern Time, major U.S. stock indices rose modestly as investors assessed the Federal Reserve's decision to hold interest rates steady and awaited earnings reports from Google and Microsoft. At the close, the Dow Jones Industrial Average rose 0.19% to 52,475.10 points; the Nasdaq Composite Index gained 0.27% to 26,549.85 points; and the S&P 500 Index climbed 0.28% to 7,743.98 points.

Alphabet Shares Plunge 8% After Hours as Q3 Revenue, Net Income Miss Estimates, Free Cash Flow Hits Negative $9.065 Billion

On October 28, Google parent company Alphabet (GOOGL) (GOOG) reported its third-quarter 2026 financial results, with Google Cloud revenue doubling to drive a 25% increase in group revenue and a 30% rise in operating profit. However, total revenue fell slightly short of market expectations, losses on securities investments dragged down net profit, and expanding capital expenditures led to a second consecutive quarter of negative free cash flow.

SpaceX Falls Over 4% to Near Two-Week Low as $100 Billion Louisiana Project Faces Legal Challenge

On October 28 (Eastern Time), SpaceX (SPCX) fell over 4% in early trading, hitting its lowest level in nearly two weeks. Reportedly, SPCX's $100 billion development project in Louisiana faces a legal challenge. According to the Associated Press, local residents and a non-profit organization have sued the local government, alleging that officials violated open-meeting rules when negotiating tax incentives for the project.

Tesla Stock Forecast: TSLA Triangle Breakout Targets $411.90 as Cybercabs Overtake Model Ys

TradingKey - Tesla stock forecast: TSLA breaks out of a triangle above $388.85 as Cybercabs overtake Model Ys in Texas, with $411.90 the next hurdle on the 4-hour chart.

Amazon Q3 Earnings Preview: AWS Growth Expected to Rise to 41%, Wall Street Top Price Target $400

TradingKey - Amazon (AMZN) will release its third-quarter 2026 financial results after the U.S. market close on October 29, Eastern Time, and hold an earnings conference call at 17:00 on the same day.

Featured Tools