Why Raven Industries Stock Is Soaring Higher Today
Shares of Raven Industries (NASDAQ: RAVN) climbed nearly 50% at the open on Monday after the agriculture tech company announced plans to be acquired by CNH Industrial (NYSE: CNHI). CNH is paying a large premium to get the deal done, and Raven shares are reacting accordingly.
Before markets opened on Monday CNH said it has a deal in place to acquire Raven for $58 per share, a 33.6% premium to Raven's average stock price over the past four weeks. The deal values Raven at about $2.1 billion, including debt, and is expected to close before year-end.
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Source Fool.com
