EMR - Here's Why Aspen Technology Shares Are Soaring This Week
Shares of Aspen Technology (NASDAQ: AZPN) are on fire this week. The stock closed Thursday's trading 18.7% above last Friday's closing price, according to data from S&P Global Market Intelligence . The fuel for this big move came from a generous buyout offer.
Industrial giant Emerson Electric (NYSE: EMR) will merge its software operations with AspenTech, adding a $6 billion cash contribution to the reformed company. Emerson becomes the majority shareholder of AspenTech with a 55% stake. The remaining 45% remains in the hands of current AspenTech shareholders.
All told, each existing AspenTech share will be exchanged for an $87 cash payment and 0.42 shares of the new AspenTech company.
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Here's Why Aspen Technology Shares Are Soaring This Week