Why Silver Spring Networks, Inc. Stock Popped 27.7% in September

Why Silver Spring Networks, Inc. Stock Popped 27.7% in September

Shares of Silver Spring Networks Inc. (NYSE: SSNI) rose 27.7% in September, according to data from S&P Global Market Intelligence, after the smart-grid products company agreed to be acquired by Itron Inc. (NASDAQ: ITRI).

More specifically, on Sept. 18, 2017, Silver Spring Networks stock soared after it announced a deal to be purchased by Itron for $16.25 per share in cash -- a 25% premium to its closing price the previous trading day -- valuing the company at $830 million (net of its $118 million in cash).

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Source: Fool.com