Encore Wire jumps 11% on acquisition news

Encore Wire Corporation (WIRE.US), US manufacturer of copper and aluminum for wire needs, is trading over 11% higher today. The move is triggered by news of potential acquisition. Prysiman (PRY.IT), Italian producer of electrical cables, proposed to acquire Encore for $290 per share, representing around 11.5% premium over Friday's closing price. Thanks to the acquisition, Prysmian wants to expand its North American presence and enhance portfolio and geographic mix. Offer values Encore at an enterprise value of over $4.1 billion and 8.2 EV/EBITDA multiple. Deal is expected to generate €140 million in run-rate EBITDA synergies within 4 years. Transaction is expected to close in the second half of 2024.

Both Encore and Prysmian shares traded to record highs after the news. Prysmian gained 6.5% while Encore trades around 11% higher.

Both Encore Wire (WIRE.US) and Prysmian (PRY.IT) jump to new record highs today. Source: xStation5

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