Concentra Group (CON) Shares Plunge 1.76% Amid Acquisition News

Concentra Group (CON) shares rose by 0.15% today, marking the second consecutive day of gains, with a total increase of 0.39% over the past two days. However, the share price fell to its lowest level since April 2025 today, with an intraday decline of 1.76%.

The most significant factor influencing the recent fluctuations in Concentra Group's stock price is the company's agreement to acquire Cargo Therapeutics. This merger, announced on July 7, 2025, involves Concentra initiating a tender offer to purchase all outstanding shares of Cargo Therapeutics for $4.379 in cash per share, along with a contingent value right (CVR). The stock responded positively to this news, rising by 5% following the announcement. The tender offer requires the acceptance of more than 50% of shareholders and the maintenance of at least $217.5 million in net cash for the deal to proceed. Additionally, Tang Capital Management, which holds a 6.6% stake in Cargo, has provided a limited guarantee of up to $213.1 million to enhance the certainty of the deal.