After initially cheering the deal, the stock market gave its thumbs-down to Mankind acquiring BSV at the premium valuations of eight times its FY24 revenues and 23 times its estimated ebitda of FY25. The Mankind stock opened 4.5% higher on Friday but closed 3.6% lower. Worries over funding of expensive deal and taking of debt for a debt-free company dragged down the positive sentiment.
US stocks today: Dow Jones drops over 500 points as Middle East tensions escalate
Wall Street closed lower as Middle East tensions and rising oil prices triggered inflation concerns and profit booking. Financials and tech stocks led declines, though