Deals
Fortress Stock Volume Surged With Options on Day Before Buyout
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Trading in the shares and bullish options of Fortress Investment Group LLC jumped to the highest levels in months on Tuesday, just hours before the company’s takeover was announced.
Stock in the New York-based private equity manager rallied 6.5 percent yesterday, the most since April, and volume exceeded 8.5 million shares, almost nine times the 2016 average, data compiled by Bloomberg show. A March option with an exercise price of $6 changed hands 8,328 times, with its open interest quadrupling. Its value surged as much as 388 percent on Wednesday.