MSCI's Stock Pulls Back Sharply After Buyout Talks Denied
Shares of MSCI Inc. pulled back sharply Wednesday, after the indexes and analytics company dispelled reports that it received a buyout proposal. The stock gained 2% in midday trade, but had been up as much as 13% earlier in the session. "We do not normally comment on rumors in the market, but in response to recent media reports regarding third party interest in MSCI, we believe such reports are incorrect. We are not in discussions with any third party, and we have not received any offer or indication of interest," the company said in a statement. The stock had rallied to record highs earlier in the session, after the U.K.'s Evening Standard reported that MSCI rejected S&P Global Inc.'s $120-a-share buyout bid because it was too low. The report said several parties appeared interested in a merger deal with MSCI. S&P Global's stock slipped 1.5% in recent trade, but was down 2.5% at its intraday low. MSCI's stock has rallied 42% over the past year, while the S&P 500 has gained 18%.
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