BGRY - Berkshire Grey stock jumps on deal to be acquired by Softbank for $1.40/share
2023-03-27 06:30:26 ET
- Berkshire Grey ( NASDAQ: BGRY ) is starting off this week with a 19% premarket surge, driven by a deal to be acquired by Softbank ( OTCPK:SFTBY ) for $1.40/share.
- On Friday, the firm entered into a definitive merger agreement with SoftBank Group ( OTCPK:SFTBY ) and its affiliate, under which SoftBank ( OTCPK:SFTBY ) will acquire all of the outstanding capital stock of BGRY for $1.40/share in an all-cash "going-private" transaction valued at ~$375M.
- The agreement represents a premium of around 24% to the closing stock price as of March 24, 2023.
- Subject to the satisfaction of customary closing conditions, the transaction is expected to close in the third quarter of 2023.
- SoftBank has been an investor in Berkshire Grey since 2019. The robot maker had confirmed in early February the receipt of a non-binding indication of interest from SoftBank to acquire all its shares for $1.30/share in cash.
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Berkshire Grey stock jumps on deal to be acquired by Softbank for $1.40/share