Haynes International to be acquired for $970M [Yahoo! Finance]
ACERINOX SA UNSP/ADR (ANIOY)
NASDAQ:AMEX Investor Relations:
acerinox.com/en/accionistas-inversores
Company Research
Source: Yahoo! Finance
Madrid-based Acerinox announced Monday morning its wholly-owned subsidiary, North American Stainless, will acquire Haynes in an all-cash deal that values the Kokomo nickel and cobalt high performance alloy manufacturer at $970 million. The deal includes the takeover of Haynes' debt. Specifically, North American Stainless will be paying Haynes shareholders $61 per share, a 9% premium from last Friday's closing price. The deal is expected to close in the third quarter of 2024, pending regulatory and Haynes shareholder approvals. Haynes' stock jumped more than 6% to $59.50 during early trading Monday due to the news. The acquisition comes with a commitment of $200 million in its U.S. operations over the next four years, including $170 million into Haynes' operations, the "vast majority" of which will go toward the company's Kokomo operations, according to Haynes President and CEO Michael Shor. "We are excited to announce this combination and are confident that this is the right
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