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Encore Wire Stock Surges on $4.2 Billion Takeover by Italy’s Prysmian

Angela Palumbo
·1 min read
Encore Wire Stock Surges on $4.2 Billion Takeover by Italy’s Prysmian

Encore Wire stock was surging Monday after the copper and aluminum cable and wire maker announced that it has entered into an agreement to be acquired by Prysmian for about €3.9 billion, or $4.2 billion. Prysmian an Italian cable maker, will pay $290 a share in cash to buy Encore a premium of 11% to the stock’s closing price on Friday of $260.98. “This transaction maximizes value for Encore Wire shareholders and provides an attractive premium for their shares,” Encore Chief Executive Daniel Jones said in a press release.

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