Kaman Corp.’s stock doubled Friday after it agreed to be taken private by Arcline Investment Management in a deal valued at $1.8 billion.
Kaman, based in Bloomfield, Conn., said it agreed to a price of $46 per share, a 105% premium over its closing share price on Thursday.
The company’s stock
KAMN,
jumped 100.9% to close at $45.05 on Friday.
The transaction for the aerospace- and defense-components company is expected to close in the first half of this year.
Kaman Chief Executive Ian K. Walsh said the deal followed a “robust engagement with Arcline and careful evaluation of other potential value creation opportunities.”
The company recently completed a “rigorous” review of alternatives and its board remains “confident this transaction maximizes value for shareholders,” he said.
Before Friday’s moves, Kaman Corp.’s KAMN stock had fallen by 1.8% in the past year, compared to a 22.6% increase by the S&P 500
SPX
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