Shares of Houghton Mifflin Harcourt Company (NASDAQ: HMHC) jumped as much as 15.3% in trading on Tuesday after the company announced it would be acquired . Shares traded in a small range today and closed near the high for the day.
Private equity firm Veritas Capital has agreed to buy Houghton Mifflin Harcourt for $2.8 billion. Investors will receive $21 per share in cash, a 36% premium to trading prior to rumors of a deal hitting the market.
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Why Houghton Mifflin Harcourt Stock Popped 15.3% on Tuesday