REFILE-UPDATE 2-Smartphone protective case maker Zagg hires bank to explore options [Reuters]
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Source: Reuters
Smartphone protective case maker Zagg hires bank to explore options - Reuters 2 Min Read (Reuters) - Zagg Inc, a U.S. manufacturer of protective cases for smartphones and tablets, said on Tuesday it had retained Bank of America Corp to explore “strategic alternatives to maximize shareholder value.” Reuters reported earlier on Tuesday that Zagg had hired a financial adviser to weigh a sale of the company following acquisition interest from private equity firms. “We do not expect to comment further on this process until we have made a decision and are prepared to announce its final outcome,” Zagg CEO Chris Ahern said in a statement. The Salt Lake City-based company has become a takeover target amid softer demand for smartphones and U.S. tariffs on Chinese goods that have hit its supply chain. Its shares have lost close to three-fourths of their value since their peak in November 2017. Zagg shares ended trading on Tuesday up 15.1% to $6.94 after Reuters reported on the sale deliberations
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