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AlerisLife (NASDAQ:ALR) stock is taking off on Friday following news of a $43.8 million cope with ABP Acquisition.
That deal has ABP Acquisition agreeing to amass AlerisLife for $1.31 per share in money. That represents an 85% premium to the stock’s average trading price of 71 cents over the past 30 trading days.
ABP Acquisition intends to make use of a young offer to amass AlerisLife. That requires “quite a few shares being tendered within the tender offer that, along with the shares owned by ABP and its affiliates, represent a majority of ALR shares.” Investors will note that ABP Acquisition and its affiliates currently hold a 6.1% stake in ALR stock.
The Board of Directors at AlerisLife has already approved the acquisition deal. Also, a special committee made up of independent directors has given unanimous support to the agreement.
What Else ALR Stockholders Have to Know
First up, the tender offer is ready to begin as soon as possible. If all goes well, the deal should close in the primary quarter of 2023.
ALR stock is seeing heavy trading today because of the acquisition news. As of this writing, greater than 3 million shares have modified hands. That’s an enormous jump from the every day average trading volume of about 105,000 shares.
ALR stock is up 58% as of Friday morning
Investors in search of more of the most recent stock market news will wish to stick around!
We’ve got all of the most well liked stock news traders have to learn about on Friday! Amongst that’s what has shares of Rivian (NASDAQ:RIVN), Tesla (NASDAQ:TSLA) and Lordstown Motors (NASDAQ:RIDE) stock moving today. You’ll be able to learn all about this news on the links below!
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On the date of publication, William White didn’t hold (either directly or not directly) any positions within the securities mentioned in this text. The opinions expressed in this text are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
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