AEGN - Aegion gains after New Mountain raises deal price to $30/share

Aegion Corp. (AEGN) gained 6.3% after New Mountain entered into a revised agreement to purchase the company at an increased price of $30/share, up from original deal price of $27. Aegion is currently trading through the deal price.The increased deal came after Aegion received an unsolicited offer for $28.50 last month after accepting $27 offer. Bloomberg had reported that Apollo Management (APO) had made a rival bid.Pursuant to the new amendment, as consideration for the increased purchase price, the break-up fee payable by Aegion in certain circumstances has increased from $40M to $50M. The termination fee payable by buyer to Aegion in certain circumstances has also increased from $70M to $90M.The revised agreement is the second time New Mountain raised its bid after increasing deal price to $27 from $26 last month.

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Aegion gains after New Mountain raises deal price to $30/share