SP - Why Sp Plus Stock Blasted 45% Higher Today
2023-10-05 18:32:21 ET
Investors gave Sp Plus (NASDAQ: SP) stock quite the send-off on Thursday. On news that the company is being taken private, they sent its share price nearly 45% higher -- and this on a day when the S&P 500 index slumped by 0.1%.
Before market open, Sp Plus and privately held Metropolis Technologies announced the transaction in a joint press release. Under the terms of their agreement, Metropolis will pay $54 per share to acquire Sp Plus. That price represents a steep 52% premium to the latter's company's closing level on Thursday.
The sale, which is worth a total of around $1.5 billion in enterprise value , will be effected entirely in cash. Metropolis has secured $1.7 billion in financing to fund it.
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Why Sp Plus Stock Blasted 45% Higher Today