10 Stocks Outperform Broader Market on Wednesday

3. Grab Holdings Ltd. (NASDAQ:GRAB)

Grab Holdings snapped a two-day losing streak on Wednesday, finishing 5.29 percent higher at $4.78 apiece as investors took heart from news that it was planning to raise $2 billion to acquire rival GoTo.

According to a report by Bloomberg, GRAB was in discussions to obtain a bridge loan worth the said amount, but it might also tap a bond or equity offering program.

The report added that GRAB’s capital-raising plan indicates that the acquisition was proceeding after some hesitation and that the company is currently undergoing due diligence about the structure of the acquisition which could be worth $7 billion.

“I will always be open to anything that is enhancing our shareholders’ return … in the long term,” GoTo CEO Patrick Walujo was quoted as saying in an interview with the Financial Times.

“This is something that we need to really consider. Because the other thing that’s unique about GoTo is that we are a national champion,” he added.