Why Shutterstock's Stock Shuttered Today
Getty Images walked away from the Shutterstock merger. Here's what happened and what it means for investors.
Overview
Shares of Shutterstock (NYSE: SSTK) plummeted to an all-time low on Wednesday. The stock was down by 29% at 2:45 p.m. ET, as Getty Images (NYSE: GETY) walked away from the Shutterstock merger it announced in January.
The deal didn't survive regulatory requirements.
Details
The British Competition and Markets Authority asked the companies to exclude Shutterstock's editorial services from the merger. Including it would result in a "substantial lessening of competition" in the field of U.K. journalism, according to the regulatory body.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.