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Atkore Shares Surge Nearly 28% After Agreeing to $3.8 Billion Cash Buyout by Prysmian at $95 a Share
['Mike Clair']
International Business Times Australia
Under the definitive agreement announced before the market open, Atkore shareholders will receive $95.00 per share in cash.
Prysmian expects the deal to generate approximately $150 million in run-rate pre-tax synergies within three years of closing.
Safety & Infrastructure sales edged up 1.3% to $216.8 million.
Management highlighted sequential improvement from the second quarter in net sales, adjusted EBITDA and adjusted earnings per share.
For Prysmian, it accelerates North American scale at a time when demand for electrical infrastructure remains supported by data-center expansion, grid modernization and broader electrification trends.