source: NewsOK
Tulsa-based North American Galvanizing & Coatings Inc. has agreed to be acquired through a cash tender offer for $7.50 per share in cash or about $126 million. That news, issued before markets opened Thursday, sent North American Galvanizing shares to $7.49, a 34.7 percent gain. More than 4 million shares traded, about 80 times the average daily volume. North American Galvanizing shares were the second-biggest daily gainer on the Nasdaq Stock Exchange.
Under the agreement, North American Galvanizing would be merged with a subsidiary of Fort Worth-based AZZ Inc., a major competitor in the galvanizing industry. The tender offer from AZZ is scheduled to commence April 30. The companies expect the transaction can close by the end of August.
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