09:35 AM EDT, 03/11/2024 (MT Newswires) -- The L.S. Starrett Company's (SCX) shares jumped nearly 60% in Monday's premarket session after it said it agreed to a go-private transaction with an affiliate of MiddleGround Capital in an all-cash deal worth $16.19 a share.

The company said the acquisition price represents an approximately 63% premium to the closing price of its stock on March 8, the last trading day before the deal was announced.

After the acquisition closes, which is expected to occur by the middle of the year, L.S. Starrett will become a wholly owned subsidiary of MiddleGround and its shares will no longer be listed.

Price: 15.75, Change: +5.83, Percent Change: +58.77