AgroFresh Solutions (NASDAQ:AGFS) stock is rocketing higher on Thursday after the company agreed to a takeover offer from Paine Schwartz Partners.
The big news here is Paine Schwartz Partners offering to buy all outstanding shares of AGFS stock for $3 each. This offer would be made in cash and represents a roughly 91% premium over the stock’s closing price on Wednesday.
It’s worth noting that Paine Schwartz Partners already has a significant stake in AgroFresh Solutions. Its current investment in the company has it holding about 36% of outstanding shares of AGFS stock.
A special committee of AgroFresh Solutions Board members signed off on the deal. This means customary closing conditions are what remains for the deal to close. That includes a majority of AGFS shares holders tendering shares in the offer.
AGFS Traders Are Excited About the Offer
We’re seeing evidence of this with AGFS stock experiencing heavy trading on Thursday. This has more than 32 million shares of the company’s stock changing hands as of this writing. That’s a massive jump over its daily average trading volume of about 16,000 shares.
AgroFresh Solutions is a company focused on the development of resources to prevent food loss and waste. This has it working with customers across the food supply chain to extend the shelf life of products.
AGFS stock is up 72% as of Thursday morning.
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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.