Bankrate to Be Acquired by Red Ventures in $1.4 Billion Deal

Digital platform builder Red Ventures will purchase online financial services company Bankrate Inc (RATE) in an all-cash deal valued at $1.4 billion, Bankrate announced Monday.
Red Ventures will pay $14 per share, offering a 31% premium over Bankrate's thee-month average closing share price.
"We see significant potential to leverage our technology, strategic partnerships and digital expertise and build on Bankrate's leading platforms to help more consumers find the financial services and products that meet their needs," Red Ventures CEO Ric Elias said.
The deal was unanimously approved by Bankrate's Board of Directors. It is expected to close this year pending approval from Bankrate shareholders and regulators.
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Bankrate shares were up almost 2% at the close on Friday. Hours earlier, technical analyst Bruce Kamich of Real Money, our premium site for active traders, said the stock's charts were pointing to a rally to "the $15-$16 area." To read his full analysis and see which stocks he think will pop next, click here for a free 14-day Real Moneytrial.
What's Hot On TheStreet
Here comes the Model 3: Tesla Inc.'s (TSLA) Model 3 has passed regulatory production requirements and the first cars will be on roads by July 28, its founder Elon Musk said Monday.
In a series of Tweets, Musk said the Model 3 has passed all regulatory requirements two weeks ahead of schedule and it is "expecting to complete SN1 on Friday", a reference to what could be the first model off the production line. The offering up of a delivery date is only likely to fuel Wall Street's obsession with Tesla and Musk. TheStreet takes a look at what is driving the infatuation.

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