TSLA - Why Is AlerisLife (ALR) Stock Up 58% Today?
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AlerisLife (NASDAQ:ALR) stock is taking off on Friday following news of a $43.8 million deal with ABP Acquisition LLC.
That deal has ABP Acquisition LLC agreeing to acquire AlerisLife for $1.31 per share in cash. That represents an 85% premium to the stock’s average trading price of 71 cents over the last 30 trading days.
ABP Acquisition intends to use a tender offer to acquire AlerisLife. That requires a majority of shareholders to offer their shares to the company. Investors will note that ABP Acquisition and its affiliates currently hold a 6.1% stake in ALR stock.
The Board of Directors at AlerisLife has already approved the acquisition deal. Also, a special committee made up of independent directors has given its unanimous support to the agreement.
What Else ALR Stockholders Need To Know
First up, the tender offer is set to start as soon as possible. In addition to that, Belk is advising shareholders to tender their shares to support the acquisition deal. If all goes well, the deal should close in the first quarter of 2023.
ALR stock is seeing heavy trading today thanks to the acquisition news. As of this writing, more than 3 million shares have changed hands. That’s a massive jump from its daily average trading volume of about 105,000 shares.
ALR stock is up 58% as of Friday morning
Investors looking for more of the latest stock market news will want to stick around!
We’ve got all of the hottest stock news traders need to know about on Friday! Among that is what has shares of Rivian (NASDAQ:RIVN), Tesla (NASDAQ:TSLA), and Lordstown Motors (NASDAQ:RIDE) stock moving today. You can learn all about this news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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