12:22 PM EDT, 04/15/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Encore Wire ( WIRE ) shares rose nearly 12% in recent trading after the company 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.