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Why Redbox Owner Outerwall Inc (OUTR) Is Moving Big Today

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Outerwall Inc ( OUTR ), which owns Redbox, saw its stock jump today following an announcement that it's considering strategic and financial alternatives.

Outerwall said that it has brought in Morgan Stanley & Co. LLC as its financial adviser and Perkins Coie LLP as its legal adviser for what could result in a possible sale of the company . However, it noted that there's no guarantee any action or transaction will occur from its efforts.

The Redbox owner also announced that it's increasing its dividend that will be paid to shareholders. It's increased the dividend from 30 cents to 60 cents for each share. The company will pay the dividend on June 21, 2016 to shareholders on record as of June 7, 2016.

Engaged Capital Llc is the second-largest shareholder in OUTR stock. It pushed the company last month to consider taking it private , along with other strategic alternatives.

OUTR shares were up 8% as of Noon Tuesday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.