Cambrex stock rockets after $2.4 billion buyout deal at a 60% premium [MarketWatch]
CAMBREX (CBM)
Last cambrex earnings: 5/2 06:40 am
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Source: MarketWatch
Cambrex stock rockets after $2.4 billion buyout deal at a 60% premium Shares of Cambrex Corp. CBM, +0.27% rocketed 47% in toward a 10-month high in premarket trading Wednesday, after drug product and analytical services company agreed to be acquired in a deal valued at $2.4 billion including debt by an affiliate of the private-equity firm Permira. Under terms of the deal, Cambrex shareholders will receive $60 a share in cash for each Cambrex share they own, which represents a 47% premium to Tuesday's closing price of $40.78, and implies a market capitalization of about $2.02 billion. "This agreement is a strong endorsement of our strategy and represents significant value for our shareholders," said Cambrex Chief Executive Steve Klosk. Cambrex's stock has gained 8.0% year to date through Tuesday, while the S&P 500 SPX, +1.30% has advanced 15.0%.
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