Silk Road Medical (NASDAQ:SILK) stock is on the rise Tuesday after the medical device company announced an acquisition deal with Boston Scientific (NYSE:BSX).
This deal has Boston Scientific agreeing to acquire shares of SILK stock for $27.50 each in cash. That’s a 26.9% premium over the stock’s previous closing price. It’s also a 38% premium to the shares’ volume-weighted average share price over the last 60 days.
The acquisition offer from Boston Scientific also has a total value of $1.26 billion. It also has unanimous approval from the Silk Road Medical Board of Directors. For the record, the company’s market capitalization is $1.06 billion.
Now the deal just needs approval from SILK shareholders and regulators. If that goes well, the two companies expect the acquisition to close in the second half of 2024.
How This Affects SILK Stock Today
News of the acquisition brings with it heavy trading of SILK shares on Tuesday. This has more than 5.2 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 579,000 shares.
SILK stock is up 24.1% as of Tuesday morning! The stock is also up 120.7% since the start of the year.
There are plenty of other stock market stories traders will want to read about below!
InvestorPlace is home to all of the hottest stock market news for Tuesday! Among that is what has shares of Fisker (OTCMKTS:FSRN), AMC Entertainment (NYSE:AMC) and Quantum (NASDAQ:QMCO) stock on the move today. All of that info is ready at the following links!
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On the date of publication, William White did not hold (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.
