Encore Wire surges on Prysmian's $4.15 bln buyout offer

Encore Wire

15/04/2024 15:16

(Updates)
    ** Shares of Encore Wire  WIRE.O  hit record-high after
Italy's Prysmian  PRY.MI  to buy co in all-cash deal
        ** WIRE up 11% to $290, set for the biggest intraday pct
gain in over a year, if gains hold
  
    ** Prysmian, the world's largest cablemaker to acquire WIRE
in an all-cash transaction for an enterprise value of 3.9 bln
euros ($4.15 bln) 
    ** PRY offers $290/shr, 11% premium to WIRE's last close
    ** Deal expected to close in the second half of 2024; PRY
will finance through a mix of 1.1 bln euros in cash and debt
facilities of 3.4 bln euro
    ** The deal will also allow Prysmian to broaden its product
offering and "will grow its North American presence, enhancing
its portfolio and geographic mix" - COO and CEO-designate of
Prysmian
    ** PRY has made two large acquisitions, i.e
Netherlands-based Draka in 2011 and U.S.-based General Cable in
2018, since its spin-off in 2005
    ** PRY is up 5.6%, hitting all-time high in regular European
trade 
    ** WIRE was up 35.8% YTD     

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))