PAE - Why PAE Stock Is Rocketing Higher Today
Shares of PAE (NASDAQ: PAE) jumped 68% on Monday morning after the government services company announced plans to be acquired. The company's private equity backer has signed off on the deal, which means the odds are good PAE will soon be taken private.
PAE, short for Pacific Architects and Engineers, provides services for the CIA, the U.S. military, civil services, and foreign governments. The company on Monday said it has agreed to be acquired by privately held Amentum Government Services Holdings in an all-cash deal that values it at about $1.9 billion, including the assumption of debt.
Terms of the deal call for PAE holders to receive $10.05 per share in cash when the deal is completed, a premium of 70% over PAE's Friday close. The stock is moving higher as a result.
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Why PAE Stock Is Rocketing Higher Today