Why General Cable Corporation's Shares Popped 35% Today
Shares of General Cable Corporation (NYSE: BGC) jumped as much as 35.2% in trading on Monday after the company accepted a $3 billion buyout offer from Prysmian Group. Shares traded in a tight range during the day, and at 1:30 p.m. EST shares were up 35.1%.
Prysmian agreed to pay $30 per share in cash, an 81% premium to July 14, 2017 when the company announced it was undertaking a strategic review. The deal has already been approved by both companies' boards of directors, and Italian company Prysmian has proposed financing some of the transaction through an equity offering.
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Source: Fool.com
