Why Parking Company SP Plus' Shares Are Skyrocketing Today?
Portfolio Pulse from Shivani Kumaresan
Parking company SP Plus Corporation (NASDAQ: SP) is set to be acquired by Metropolis Technologies, Inc. for $54.00 per share in cash, a 52% premium to SP's closing stock price on October 4, 2023. The enterprise value of the acquisition is approximately $1.5 billion. Metropolis has secured $1.7 billion in equity and debt financing for the transaction, which is expected to close in 2024.
October 05, 2023 | 2:25 pm
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SP Plus Corporation's stock is trading higher due to the acquisition announcement by Metropolis Technologies. The acquisition price represents a significant premium to the recent closing price.
The acquisition announcement has led to a surge in SP Plus Corporation's stock price. The acquisition price of $54 per share represents a significant premium to the recent closing price, which is likely to have a positive impact on the stock in the short term.
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