Milacron's stock soars after Hillenbrand buyout deal valued at $2 billion [MarketWatch]
MILACRON HOLDINGS CORP (MCRN)
Last milacron holdings corp earnings: 11/12 04:15 pm
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Source: MarketWatch
Milacron's stock soars after Hillenbrand buyout deal valued at $2 billion Shares of Milacron Holdings Corp. MCRN, -2.80% soared 26% toward a 9-month high in premarket trading Friday, after the plastic technology and processing company agreed to be acquired by Hillenbrand Inc. HI, -0.94% in a cash and stock deal valued at $2 billion. Under terms of the deal, Milacron shareholders will receive $11.80 in cash and 0.1612 Hillenbrand shares for each Milacron share they own. Based on Thursday's stock closing prices, that values Milacron shares at $18.07 each, a 33.5% premium. Hillenbrand expects the deal, which is anticipated to close in the first quarter of 2020, to add to increase adjusted earnings in the "double-digit" range in the first year after closing, and deliver annualized cost synergies of about $50 million within three years. Hillenbrand's stock, which was still inactive ahead of the open, has gained 2.5% year to date, while Milacron shares have rallied 14% and the S&P 500
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