CVX - Why Renewable Energy Group Stock Skyrocketed Today
Shares of Renewable Energy Group (NASDAQ: REGI) soared 40% on Monday after the producer of sustainable fuels struck a deal to be acquired by Chevron (NYSE: CVX) .
The all-cash deal values Renewable Energy at $3.15 billion, or $61.50 per share. That's a premium of 40.4% to the stock's price on Friday -- and roughly 57% to its average price over the past 30 days.
"This transaction delivers premium cash value to shareholders and will give us additional resources as we aim to accelerate growth and strengthen our collective ability to deliver the sustainable fuels our customers and the world need," Renewable Energy CEO C.J. Warner said in a press release.
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Why Renewable Energy Group Stock Skyrocketed Today