Alloy Manufacturer Haynes Gets Hitched: Scores 9% Premium In $970M Takeover Deal
Portfolio Pulse from Lekha Gupta
Haynes International Inc (NASDAQ:HAYN) has agreed to be acquired by North American Stainless, a subsidiary of Acerinox SA (OTC:ACRXF), for approximately $970 million. The all-cash deal values Haynes at $61.00 per share, a 9% premium over its last closing price. The acquisition, expected to close in Q3 2024, will result in Haynes delisting from the Nasdaq. Haynes' CEO highlighted a $200 million investment into the U.S. operations post-acquisition.
February 05, 2024 | 11:38 am
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Acerinox SA, through its subsidiary North American Stainless, is acquiring Haynes International Inc for approximately $970 million, aiming to enhance operations with a $200 million investment in the U.S.
Acerinox SA's acquisition of Haynes International represents a strategic expansion, with a significant investment planned in the U.S. operations. This move is likely to be viewed positively by investors, indicating a potential short-term positive impact on ACRXF's stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Haynes International Inc is being acquired by North American Stainless for $970 million, a 9% premium over its last closing price, with the deal expected to close in Q3 2024.
The acquisition of Haynes International by North American Stainless at a 9% premium indicates a positive short-term impact on HAYN's stock price, as reflected by the premarket trading increase. The deal's closure and the subsequent delisting from Nasdaq are critical factors for investors.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100