Why Hillenbrand Stock Skyrocketed Today
One of the better-performing stocks on the New York Stock Exchange (NYSE) Wednesday was (NYSE: HI). The specialized industrial company saw its share price leap more than 18% on news that it's going private in a splashy buyout deal. That rise was far more pronounced than the S 500's (SNPINDEX: ^GSPC) 0.4% bump.
Before the NYSE opened for trading that day, Hillenbrand announced it has signed a definitive agreement to be acquired by an unnamed affiliate of private equity firm Lone Star Funds. The deal will be effected entirely in cash, to the tune of $32 per Hillenbrand share. All told, the company said, the enterprise value of the arrangement is around $3.8 billion.
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Source Fool.com
