Cano Health (NYSE:CANO)
The stock price of Cano Health (NYSE:CANO) jumped 15% on news that home health service provider Signify Health (NYSE:SGFY) will hold a board meeting to consider multiple takeover offers.
Amazon (AMZN), a technology behemoth, health insurers UnitedHealth (UNH) and CVS Health (NYSE:CANO), and home healthcare provider Option Care Health Inc. are all bidding on Signify Health (SGFY) (OPCH). According to a story from Bloomberg on Sunday night, UNH has put the most significant bid at more than $30 per share, and an announcement of the winning bidder might come as soon as this week.
Since Amazon (AMZN) agreed to acquire One Medical (ONEM) for $3.9 billion last month, shares of Cano Health (NYSE:CANO) have risen on the rumor that the company could be a potential takeover target in the wake of Signify Health (NYSE:SGFY). On Monday morning, Dealreporter wrote a piece about the Signify Health rumors and referenced CANO.
The share price of Cano Health (NYSE:CANO) increased by 11% on Wednesday after a Dealreporter article sparked nebulous deal rumors. In light of the decline in their stock prices, the narrative suggests that significant insurers like Humana (HUM), UnitedHealth (UNH), and CVS Health may be interested in acquiring companies like Cano Health (NYSE:CANO) and Oak Street Health (OSH).
The percentage of short interest in CANO is 10%.
The current rumors began after Cano Health’s stock jumped 43% on March 9 after activist investor Daniel Loeb’s Third Point hedge fund suggested CANO should examine strategic alternatives, including a potential sale. Cano Health’s shares had fallen 46% YTD.
Amazon Bid to Buy One Medical
After Amazon acquired One Medical (ONEM) for $3.9 billion last month, shares of Cano Health (NYSE:CANO) rose 9 percent on rumors that the firm may attract takeover interest.
Shares of Cano Health (NYSE:CANO) soared after a story on the company appeared on Dealreporter around 1 PM on Tuesday.
In light of the decline in their stock prices, the narrative suggests that significant insurers like Humana (HUM) and UnitedHealth (UNH), or CVS Health (CVS) could be interested in acquiring companies like Cano and Oak Street Health (OSH).
It is important to note that contrary to rumors circulating on social media, the article does not state that Cano (NYSE:CANO) is being pursued by other suitors, including UNH, HUM, and CVS.
On July 6, Cano Health (NYSE:CANO) soared 17% on Dealreporter’s conjecture that health insurer Humana may be interested in acquiring the primary care medical services provider.
Bloomberg reported last week that before Amazon acquired One Medical, CVS Health (NYSE:CANO) attempted to buy the company.
Featured Image: Megapixl @Rmarmion
Author Shariq Khan 
