Houston Wire & Cable Company (NASDAQ: HWCC) stock has been rocketing 40.79% to $5.35 before the start of the regular session today.
Wednesday’s close for HWCC stock was at $3.80. The Houston Wire & Cable stock remained stable with a slight decline of -0.26%. HWCC stock has gained 117.14% over the past year and 3.83% in the past week.
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Moreover, according to yesterday’s closing price, the HWCC was valued at $61.22 million and it had 16.48 million outstanding shares. News of an acquisition deal has been raising the HWCC stock higher in premarket session today.
Acquisition deal in brief:
As an industrial cable manufacturer and distributor Houston Wire & Cable Company is a large supplier of wire, cable, and fastener products in the United States market. Having its headquarters in Houston, Texas, the Company has strategically located sales and distribution centers across the United States.
Complemented by same-day shipping, knowledgeable sales staff, inventory management programs; just in time delivery, logistic support, customized online ordering capabilities, and 24/7/365 service, comprehensive HWCC offerings include a full range of value-added services.
Houston Wire & Cable today announced that it has entered into a definitive agreement to be acquired by Omni Cable, LLC (OmniCable) through an asset purchase agreement.
- A total of $91 million will be paid by OmniCable for the outstanding common stock of HWCC, priced at $5.30 per share.
- HWCC’s unaffected March 24 closing price of $3.80 represents a premium of 39% from the offered price.
- Also, this is a price that is 89% higher than the $2.81 average closing price of the HWCC stock in 12 prior months.
- Members of HWCC’s Board of Directors unanimously approved the transaction.
- Each director and officer of the HWCC has agreed to vote their shares (including those owned by The D3 Family Funds) for the transaction.
- At the end of March 24, 2021 trading, such shares represent approximately 19% of the shares in circulation.