MagicJack VocalTec Ltd. (CALL) agreed to sell itself to by B. Riley Financial Inc. (RILY) for $143 million, or $8.71 a share, a major blow to rival bidder Carnegie Technologies Holdings LLC.
Shares of the free-calling application company shot up 47.8%, or by $2.70 a share, to $8.35 early Thursday, Nov. 9, on the news. B. Riley said its acquisition price represents a 23% premium over magicJack's 90-day average stock price. Shares of B. Riley, a Los Angeles financial services company, gained 0.9% to $16.05.
The companies said the magicJack business would be held by B. Riley Principal Investments, a unit that owns United Online Inc., a complementary telecom business. B. Riley plans to pay for the Netanya, Israel, and West Palm Beach, Fla., company with cash on hand and debt. The companies anticipated the deal would close in the first half of 2018....
https://www.thestreet.com/story/14384993/1/b-riley-buys-magicjack.html
United Online is the owner of NetZero and Juno.
B. Riley is a financial group that seems to focus on companies that need revitalizing.
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