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Shares of Aegion (NASDAQ: AEGN) leaped more than 21% at 10:45 a.m. EST on Tuesday. Driving the surge in shares of the infrastructure company was a merger agreement with investment firm New Mountain Capital.
New Mountain Capital has agreed to acquire Aegion in an all-cash deal valuing the infrastructure maintenance company at $963 million, including debt. The $26-a-share offer represents a 21% premium to Aegion's closing price last Friday and a 28% premium to the average price over the previous 30 trading days.