Deals
Momo Jumps as Alibaba's Tsai Joins Board, Reviving Buyout Wagers
- Announcement fuels speculation Alibaba may help stalled offer
- Momo trades at biggest discount to offering price among peers
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Momo Inc. surged after naming Alibaba Holdings Group Holding Ltd.’s vice chairman to its board, stoking speculation that the Chinese maker of a dating app may be able to complete a management-led buyout with help from the country’s biggest online retailer.
The American depositary receipts of Momo rose 20 percent to $12 in New York on Tuesday, the most since May 2015 as Momo said that Alibaba co-founder Joseph Tsai has joined its board as a director. The e-commerce company invested in Momo before the company went public in December 2014.