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Why Gener8 Maritime Inc's Shares Popped 36% Today

TheMotleyFool

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Why Gener8 Maritime Inc's Shares Popped 36% TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Why Gener8 Maritime Inc's Shares Popped 36% Today

Shares of crude oil tanker owner Gener8 Maritime Inc's (NYSE: GNRT) shares popped as much as 35.5% in trading Thursday after a takeover bid was announced. At 2:30 p.m. EST shares were still up 29.3% on the day.

Belgian firm Euronav is the company buying Gener8 and the transaction announced will have shareholders getting 0.7272 shares of Euronav for each share of Gener8. Once completed, Gener8 shareholders will own 28% of Euronav's shares outstanding.

Image source: Getty Images.

Source: Fool.com