Haynes International Announces Agreement to be Acquired by Acerinox Subsidiary North American Stainless for $61.00/Share at a Valuation of $970M
Portfolio Pulse from Benzinga Newsdesk
Haynes International, Inc. (HAYN) has agreed to be acquired by North American Stainless, a subsidiary of Acerinox, for $61.00 per share in an all-cash deal valued at approximately $970 million. This acquisition price represents a 22% premium over Haynes' six-month volume-weighted average share price as of February 2, 2024. Acerinox plans to invest an additional $200 million in its U.S. operations, including $170 million into Haynes' operations.
February 05, 2024 | 8:04 am
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Haynes International, Inc. is set to be acquired by North American Stainless for $61.00 per share, a 22% premium over its recent average share price, in a deal valued at $970 million.
The acquisition of Haynes International by North American Stainless at a significant premium to its recent average share price is likely to have a positive short-term impact on HAYN's stock price. The premium offered reflects a strong valuation of Haynes, indicating a bullish outlook for the company's shareholders. Additionally, Acerinox's commitment to invest $170 million into Haynes' operations as part of this deal suggests a positive future outlook for the company's growth and operational capabilities.
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