Mistras Group to Be Acquired by H.I.G. Capital for $20.35/Share in Cash
MG has more than doubled off its 52-week low of $9.345 on elevated volume (4.2× avg).
Summary
Mistras Group has entered into a definitive agreement to be acquired by H.I.G. Capital for $20.35 per share in cash. The all-cash transaction represents an enterprise value of approximately $866 million, including outstanding debt, and values the company at approximately $632 million. The offer represents a modest premium to the last close of $20.34 and is near the 52-week high of $20.40. The acquisition is subject to shareholder and regulatory approvals, with no closing date specified. The deal follows a period of improving fundamentals, including a Q2 earnings beat and raised guidance.
At the time of this announcement, MG was trading at $20.34 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $631.9M. The 52-week trading range was $9.35 to $20.40. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.