Prysmian to Acquire Atkore for $95/Share in Cash, a 30% Premium
ATKR sits 36% above its 52-week low of $53.49.
Summary
Prysmian has reached a definitive agreement to acquire Atkore for $95.00 per share in cash, a 30% premium to the last close of $72.96. The deal values Atkore at roughly $3.2 billion. The acquisition follows a Reuters report of advanced talks and comes after a turbulent period for Atkore, including a $124 million Q2 loss and a $50 million antitrust settlement. The all-cash offer provides immediate and certain value to shareholders, likely eliminating downside risk from ongoing litigation and operational challenges. The transaction is expected to close subject to customary conditions and regulatory approvals.
At the time of this announcement, ATKR was trading at $72.96 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $53.49 to $90.16. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.