Atkore Shares Surge Premarket on Takeover by Prysmian

Dow Jones08-03
 
 

Shares of Atkore jumped in premarket trading Monday after the maker of electrical infrastructure products agreed to be acquired by Italian cable maker Prysmian for about $3.2 billion.

Prysmian said it will pay $95 a share in cash for Atkore, a 30% premium to Friday's closing price of $72.96 for the Harvey, Ill., company.

Atkore shares were recently up 26% to $92.11 in premarket trading.

The deal, which carries an enterprise value of about $3.8 billion, is slated to close by the end of the year.

 
 

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