Why CMC Materials Stock Soared on Wednesday
Shares of semiconductor materials supplier CMC Materials (NASDAQ: CCMP) jumped sharply on Wednesday, rising more than 28% as of 11:45 a.m. ET. The stock's gain came as semiconductor manufacturer Entegris (NASDAQ: ENTG) announced it was acquiring CMC Materials in a $6.5 billion deal.
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Entegris has entered into an agreement to buy CMC Materials in a cash and stock deal, paying CMC shareholders $133 in cash and 0.4506 shares of Entegris for each CMC share they own. This equates to a 35% premium compared to where CMC Materials' stock was trading as of the market close on Tuesday, explaining the jump in the stock price on Wednesday.
Source Fool.com
