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Why SemGroup Stock Is Skyrocketing Today

TheMotleyFool

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Why SemGroup Stock Is Skyrocketing Today

Shares of SemGroup (NYSE: SEMG) had rocketed 64% by 11:00 a.m. EDT on Monday. Fueling the energy company's surge was its acceptance of a buyout offer from midstream giant Energy Transfer (NYSE: ET).

Energy Transfer has agreed to pay $17 per share in a cash-and-stock deal for SemGroup, which is 65% above its closing price last Friday. The transaction values the midstream company at $5 billion, including the assumption of debt.

Image source: Getty Images.

Source Fool.com

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