Let’s jump into that news below with all the details holders of ROG stock need to know.
- The big news today is that DuPont is acquiring Rogers in a $5.2 billion deal.
- This will have DuPont paying $277 in cash for each share of ROG stock.
- That represents a 33% premium over the stock’s closing price of Monday.
- It’s also a 46% premium from ROG stock’s 1-month volume-weighted average share price.
- Once the deal is complete, Rogers will be absorbed into DuPont’s Electronics & Industrial business unit.
- Rogers’ Board of Directors has already thrown its unanimous support behind the acquisition.
- They also recommend that shareholders vote in favor of the deal during a Special Meeting of Shareholders.
- The deal needs to complete customary closing conditions, which includes approval from regulators, before it can close.
- So long as there are no issues, the deal will be complete in the second quarter of 2022.
Bruce Hoechner, president and CEO of Rogers, said the following about the acquisition deal.
“Our combination with DuPont, a proven leader in technology-based materials, provides resources and support to allow Rogers to scale for success. Rogers is a natural fit with DuPont, and this combination will create an exciting next chapter for Rogers’ customers, employees and partners.”
ROG is seeing heavy trading on today’s news. As of this writing, more than 1.9 million shares have been traded. That’s a jump from its daily average trading volume of around 60,000 shares.
ROG stock was up 29.5% as of Tuesday morning.
There’s more stock market news to take a look at below!
InvestorPlace is diving into Tuesday’s latest news with our expert insight. A few examples of that include the news that has shares of SilverBox Engaged Merger (NASDAQ:SBEA), Under Armour (NYSE:UAA), and Arista Networks (NYSE:ANET) on the move today. You can leran all about these matters from the following links!
More Stock Market News for Tuesday
- Is SBEA Stock the Next DWAC? 8 Things to Know About the Black Rifle Coffee SPAC Merger.
- UAA Stock: 12 Reasons Why Under Armour Investors Are Overjoyed Today
- Arista Networks Stock Split: 6 Things for ANET Investors to Know
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.