Why Silver Spring Networks, Inc. Stock Skyrocketed Today
Shares of Silver Spring Networks Inc. (NYSE: SSNI) were up 24.2% as of 1:45 p.m. EDT Monday after the company announced it will be acquired by Itron Inc. (NASDAQ: ITRI). Shares of Itron are up around 4% as of this writing.
More specifically, Itron will acquire Silver Spring Networks in a $16.25-per-share cash deal valued at roughly $830 million, net of Silver Spring's $118 million in cash. That's a 25% premium over Silver Spring's closing price on Friday. Itron will finance the purchase with a combination of cash on hand and $750 million in new debt.
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Source: Fool.com
Itron Inc. Stock
€92.50
-2.120%
With 19 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 99 € there is a slightly positive potential of 7.03% for Itron Inc. compared to the current price of 92.5 €.
