It may not have been a particularly great day in the markets for the Caduceus Software Systems Inc (OTCMKTS:CSOC) stock on Monday as it suffered from a selloff and went down by 13%. However, at the same time, it should be noted that it is not all doom and gloom for the Caduceus stock.
Despite the drop yesterday, the stock is still up by as much as 15% over the past week. On Monday the holding company, which is based out of Wyoming, announced that it completed the acquisition of McLovin’s Pet Food. That is a significant acquisition for Caduceus considering the fact that the Pet Care and Pet Food industry is recession proof.
After all, irrespective of the state of the economy, people are going to continue to buy food for their pets. Yesterday Caduceus managed to execute the transaction and signed an agreement with regards to the final terms of the takeover. McLovin’s Pet Food is going to operate as a fully owned subsidiary of Caduceus from now on.
The Chief Executive Officer of the company Alex Chen spoke about the acquisition as well. He stated that the company had been working for a long time to complete this deal.