Starrett Enters Go-Private Transaction With An Affiliate Of MiddleGround Capital In An All-Cash Transaction For $16.19 Per Share
Portfolio Pulse from Benzinga Newsdesk
Starrett has agreed to a go-private transaction with an affiliate of MiddleGround Capital for $16.19 per share, a 63% premium over its last closing price before the announcement. Post-transaction, Starrett will delist from public markets.
March 11, 2024 | 11:15 am
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Starrett agrees to a go-private deal with MiddleGround Capital at $16.19/share, a significant premium, leading to its delisting from public markets.
The announcement of a go-private transaction at a substantial premium typically leads to a positive short-term reaction in the stock price, as it reflects a higher valuation of the company than its recent market price. The premium offered indicates a strong confidence in the company's value from the buyer, MiddleGround Capital. However, as the company will delist, this is a critical piece of news for investors, marking a significant change in the investment landscape for SCX.
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