Why Shares of Pzena Investment Management Are Surging Today
Shares of Pzena Investment Management (NYSE: PZN) had rocketed nearly 46% higher as of 10:07 a.m. ET today after the company announced that it plans to go private.
Pzena will merge into a newly created subsidiary of its parent company in order to go private. Shareholders of Pzena Class A common stock will receive $9.60 per share in cash, representing a premium of 49% to the company's closing stock price on July 26, and a roughly 46% premium over the 90-calendar-day weighted average price.
"We are excited to begin this new chapter for our firm after 15 years as a public company," CEO Richard Pzena said in the announcement.
Source Fool.com
