Encore Wire Agrees to Be Purchased by Prysmian for $290 per Share-February 2024-www.financetom.com

Encore Wire Agrees to Be Purchased by Prysmian for $290 per Share

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Encore Wire Agrees to Be Purchased by Prysmian for $290 per Share

Apr 15, 2024 1:37 AM

04:09 AM EDT, 04/15/2024 (MT Newswires) -- Encore Wire ( WIRE ) said Monday it has agreed to be acquired by Italian cabling firm Prysmian for $290 per share in cash.

Encore Wire ( WIRE ) has a 35-day "go-shop" period during which it may solicit alternative acquisition proposals.

The transaction represents a premium of about 20% to the 30-day volume weighted average share price as of April 12, the company said.

The deal is expected to close in H2, subject to shareholder and regulatory approvals.

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