Home Private Equity Kaman stock up 100% as it agrees to go private for $1.8B

Kaman stock up 100% as it agrees to go private for $1.8B


By Steve Gelsi

Stock rallies as private-equity firm Arcline agrees to pay $46 a share for aerospace firm

Kaman Corp.’s stock doubled Friday after it agreed to be taken private by Arcline Investment Management in a deal valued at $1.8 billion.

Kaman, based in Bloomfield, Conn., said it agreed to a price of $46 per share, a 105% premium over its closing share price on Thursday.

The company’s stock (KAMN) jumped 100.9% to close at $45.05 on Friday.

The transaction for the aerospace- and defense-components company is expected to close in the first half of this year.

Kaman Chief Executive Ian K. Walsh said the deal followed a “robust engagement with Arcline and careful evaluation of other potential value creation opportunities.”

The company recently completed a “rigorous” review of alternatives and its board remains “confident this transaction maximizes value for shareholders,” he said.

Before Friday’s moves, Kaman Corp.’s KAMN stock had fallen by 1.8% in the past year, compared to a 22.6% increase by the S&P 500 SPX

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

01-19-24 1636ET

Copyright (c) 2024 Dow Jones & Company, Inc.

Source link


Please enter your comment!
Please enter your name here