Why South Jersey Industries Stock Skyrocketed Today
Shares of South Jersey Industries (NYSE: SJI) soared 40% on Thursday after the energy services company struck a deal to be acquired.
Infrastructure Investments Fund, a private investment vehicle, intends to buy SJI for roughly $8.1 billion. Under the terms of the deal, SJI shareholders would receive $36 per share in cash, a premium of more than 46% to the stock's 30-day volume-weighted average price.
The agreement has already been approved by SJI's board of directors. The transaction is expected to close in the fourth quarter, subject to regulatory and shareholder approval.
Source Fool.com