NDSN - Why CyberOptics Stock Was Shooting Nearly 30% Higher Today
One big star of the stock market on Monday was a relatively obscure specialty tech company: CyberOptics (NASDAQ: CYBE) . The manufacturer of precision 3D sensing technology agreed to be acquired by a peer for quite a hefty premium to its share price. As a result, its share price was rocketing more than 29% higher as of late-session trading on the day.
CyberOptics' owner-to-be is Nordson (NASDAQ: NDSN) , which per the two companies' agreement will pay $54 per share in cash in the deal -- a premium of nearly 32% to the former's closing price on Friday. All told, net of cash acquired the arrangement is valued at roughly $380 million. The arrangement has been ratified by the boards of directors of both CyberOptics and Nordson.
In its press release on the acquisition, Nordson CFO Joseph Kelley said, "The differentiated technologies of CyberOptics combined with Nordson's global sales, applications and service infrastructure will enable accelerated growth rates and the realization of $6 million in net cost synergies."
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Why CyberOptics Stock Was Shooting Nearly 30% Higher Today