Houston Wire & Cable: Soars on nearly 40% premium buyout deal

Forward Water Technologies

25/03/2021 11:53

** Shares of wire and cable distributor  HWCC.O  soar 42.4%
to $5.41 premarket, on track to open at more than 1-1/2-yr high
    **  Wire and cable redistributor OmniCable to acquire HWCC
in an all-cash transaction valued at $91 mln  urn:newsml:reuters.com:*:nGNX5wyp8N
    ** Co to be acquired for $5.30/share, a 39.5% premium to
stock's Wednesday close
    ** HWCC says combined company will continue the fastener
redistribution business and each company will retain its brands
and existing locations
    ** Deal includes a 30-day "go-shop" period expiring on April
24, which permits co's board to solicit alternative acquisition
proposals from third parties
    ** Up to Wednesday's close, stock had risen 36.2% YTD

 (Reporting by Balakumaran Vinayagam)
 ((balakumaran.vinayagam@thomsonreuters.com))