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CBIZ Inc. (CBZ) Surges 17% on $5 Billion Grant Thornton Merger
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Consulting and accounting firm CBIZ Inc. (NYSE:CBZ) saw its share price climb by 17.56 percent on Wednesday to end at $54.90 apiece following plans to merge with Grant Thornton Advisors in an all-cash transaction worth $5 billion.
Q4 CompletionThe two parties expect to complete the transaction in the fourth quarter of the year, after which CBIZ Inc. (NYSE:CBZ) will become a wholly-owned subsidiary of Grant Thornton and cease trading on the New York Stock Exchange.
CBIZ Inc. (NYSE:CBZ) has already secured the approval of the board of directors for the transaction.
Joining Grant Thornton Advisors accelerates the realization of that vision, creating a stronger firm with new and exciting opportunities for our team members and enhanced service offerings for clients, while delivering significant value to CBIZ shareholders,” he noted.
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