Volt Information Sciences (NYSEAMERICAN:VOLT) stock is heading higher on Monday as investors react to news that the company is being acquired.
Vega Consulting, an affiliate of ACS Solutions, is picking up Volt Information Sciences in a deal that values the company’s stock at $6 per share. Vega Consulting will be paying for VOLT stock with cash and its offer represents a 99% premium over the shares’ closing price on Friday.
Vega Consulting notes that its offering for Volt Information Sciences would have the company going private once it’s complete. Also, holders of 26% of VOLT stock have already agreed to tender their shares in the offering.
Linda Perneau, president and CEO of Volt Information Sciences, said the following about today’s news.
“This acquisition offers Volt a compelling opportunity for continued growth. With ACS Solutions as our sister company, we will be in a position to accelerate investments in technology, enhance our capabilities, expand our operations, and ultimately deliver better value to our clients — all complementing the superior client service that has come to be synonymous with the Volt brand.”
So when can investors expect the deal for VOLT stock to close? Vega Consulting and Volt Information Sciences are looking for the deal to reach completion in the second quarter of 2022.
Today’s news also brings heavy trading to VOLT stock. As of this writing, more than 7 million shares of the stock have changed hands. That’s a massive jump from its daily average trading volume of about 76,000 shares.
VOLT stock is up 95.2% as of Monday afternoon.
There’s more stock market news to dive into below!
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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.
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