Why Grindrod Shipping Stock Blasted 17% Higher Today
Freight moving company Grindrod Shipping Holdings (NASDAQ: GRIN) had quite a memorable Monday on the stock exchange. The Singapore-based logistics specialist saw its shares rise by nearly 17% on the day, thanks to an impending buyout.
Grindrod divulged in a pair of regulatory filings that Taylor Maritime Investments had submitted a non-binding, indicative offer to acquire the company. It is offering $26 per share for its target; in reaction, investors bid Grindrod's U.S.-listed shares up to nearly $24. Grindrod said that the offer was formally presented last Thursday, Aug. 25.
The two companies have agreed to grant Taylor Maritime a period of exclusivity to negotiate the deal. Grindrod did not specify how long this period would be.
Source Fool.com
