The Carlyle Group is looking to acquire ManTech in a deal worth $4.2 billion. This has it offering to pay $96 in cash for each share of MANT stock.
That represents a 32% premium to the stock’s closing price on Feb. 2, 2022, which was the last day before media reports about the deal started to spread. It’s also a 17% premium over Friday’s closing price.
The board of directors at ManTech has unanimously agreed to support the transaction. They are also recommending that shareholders vote in favor of it. In addition to that, shareholders representing 49.2% of MANT stock have agreed to vote in favor of the deal.
Kevin Phillips, chairman, president and CEO of ManTech, said the following about the deal boosting MANT stock higher today.
“Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium.”
ManTech and The Carlyle Group still have to go through customary closing conditions before the deal is complete. So long as there are no issues, the two companies expect it to close in the second half of 2022.
MANT is also seeing heavy trading today alongside the acquisition news. This has more than 2 million shares on the move as of this writing. That’s well above its daily average trading volume of about 281,000 shares.
MANT stock is up 15% as of Monday morning.
There’s more stock market news for investors 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.