Why Shares of Aerojet Rocketdyne Are Blasting Off Today

Shares of Aerojet Rocketdyne (NYSE: AJRD) rocketed more than 20% higher on Monday morning after Lockheed Martin (NYSE: LMT) announced plans to acquire the space-focused company for $4.4 billion.

On Sunday night, defense titan Lockheed Martin  announced plans to acquire Aerojet Rocketdyne for $56 per share in cash, or $51 per share after Aerojet pays a special $5 per-share dividend prior to the deal's closing. That's a premium of 33% to the target's Friday close.

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Source Fool.com