SKHSY - Why MDC Holdings Stock Just Jumped 18%
2024-01-18 12:56:51 ET
Shares of U.S. homebuilder MDC Holdings (NYSE: MDC) jumped an incredible 18.2% at the open this morning and are pretty much sticking to that price as the day progresses -- still up 18.2% at noon. It's no huge secret why, either: a Japanese company wants to buy MDC.
Japanese homebuilder Sekisui House (OTC: SKHSY) announced today that it has signed a definitive agreement to buy all outstanding MDC shares for $63 per share, cash, in a deal valued at $4.9 billion in total.
Investors seem pretty confident that this deal will go through, too. At $62.78 currently, MDC shares are trading for just $0.22 below Sekisui's offer price, suggesting little worry that the deal will not pass regulatory muster.
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Why MDC Holdings Stock Just Jumped 18%