BUZZ-Restaurant tech provider Olo rises after reported buyout interest

Reuters

05-01

BUZZ-Restaurant tech provider Olo rises after reported buyout interest

** Olo Inc's OLO.N shares up 7.7% premarket to $6.68 on potential M&A news

** Restaurant software provider exploring a potential sale after attracting takeover interest, Bloomberg News reported, citing people familiar

** New York-based-co working with a financial adviser to help gauge interest from potential buyers, according to the report

** Deliberations are still in early stages and Olo could opt against pursuing a deal, the people said

** Co counts Shake Shack SHAK.N founder and board chairman Danny Meyer among its backers. Meyer also serves on Olo's board

** OLO shares are down 19% YTD through Weds, giving co $1 bln market cap. It went public in 2021 IPO priced at $25

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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Meyer also serves on Olo's board** OLO shares are down 19% YTD through Weds, giving co $1 bln market cap. It went public in 2021 IPO priced at $25(Lance Tupper is a Reuters market analyst. The views expressed are his own)((lance.tupper@tr.com 1-646-279-6380))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding,merge","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}