Why Echo Global Logistics Stock Is Soaring Today
Shares of Echo Global Logistics (NASDAQ: ECHO) jumped more than 50% on Friday morning after the transportation company announced a deal to be acquired by private equity firm The Jordan Company (TJC). The deal offers shareholders a huge premium, and the stock is reacting accordingly.
Echo is an asset-light transportation company providing freight brokerage and managed transportation solutions for large customers. The company is a go-between for shippers and transportation providers.
On Friday, Echo announced it has agreed to be acquired by Jordan for $1.3 billion in cash. The deal is priced at $48.25 per share, a premium of more than 54% to Echo's Sept. 9 closing price. The price is also about 32% above Echo's all-time high closing price, hit in September 2018.
Source Fool.com
