The shine is due to come off US stocks as trading kicks off this week but Pandora Media Inc (NYSE:P), a closely followed stock, is heading the other way in pre-market.
The shares shot up 9.5% to $9.95 after news of a buyout deal emerged.
The streaming music service is to be acquired by SiriusXM Holdings Inc (NASDAQ:SIRI) in a share deal valued at $3.5bn. SiriusXM will exchange 1.44 of newly issued shares for each Pandora share outstanding.
The deal is expected to close in the first quarter of 2019.
SiriusXM shares shed 1.3% to $6.89 in pre-market deals.
Elsewhere, turning to the fashion world, handbag seller Michael Kors Holdings Ltd (NYSE:KORS) is set to buy famous house Versace in a $2bn deal, it was reported Monday.
Designer Gianni Versace founded the firm four decades ago. He was assassinated in 1997 outside his home in Miami beach.
REPORT: Michael Kors to Acquire Versace in $2 Billion Deal. https://t.co/nZmv227vLJ pic.twitter.com/wMDmduYhPf
— THE FASHION LAW (@TheFashionLaw) September 24, 2018
Indeed, Monday appears to be a big day for takeovers. The big global diggers are in focus after a mega-deal was announced between two of the biggest names.
London-listed Randgold Resources Ltd (LON:RRS) shares advanced nearly 6% in morning trade as Canada's Barrick Gold Corp (NYSE:ABX) is to buy the miner in an all-paper deal, valuing Randgold at $5.4bn.
The combined company will be worth an eye-watering $18bn, and create a gold titan with a focus on Africa. It will reportedly have five of the world’s top 10 tier-one gold assets.
Weight Watchers Inc (NYSE:WTW) shares lost 0.66% to $69.30 before the New York bell. Its news today that it is rebranding itself WW.
The group says this better reflects its development from focusing on weight loss to overall health and wellness. Having said that CEO Mindy Grossman could not say what the double W did stand for, if anything.