Shares of company ManTech International (NASDAQ: MANT) jumped more than 16% on Monday after the government contractor agreed to be acquired in a deal valued at $4.2 billion. Investors had reason to believe the company was fielding offers, and ManTech on Monday announced it had found a buyer willing to pay a sizable premium.
ManTech is a defense IT contractor that generates nearly half of its revenue from the intelligence community. The company reportedly put itself up for sale in February, with both strategic and private equity buyers expected to show interest.
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Why Shares of ManTech International Are Rocketing Higher Today