Why Iridium Stock Soared Today
Shares of Iridium Communications (NASDAQ: IRDM) surged on Monday after the satellite-based network operator agreed to be acquired by Rocket Lab (NASDAQ: RKLB).
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Under the terms of the deal, Rocket Lab would purchase Iridium for $54 per share in cash and stock. That represents a 24% premium over Iridium's closing price on Friday and values the space stock at roughly $8 billion.
Source Fool.com
