Top Penny Stock Performer Baldwin Technology Co. (AMEX: BLD), Stock Soars after Company Agrees to be Acquired by Forsyth
(December 23, 2011) Shares of Baldwin Technology Co. (AMEX: BLD), a Boca Raton, Florida-based company, saw a huge rally in trading today. At last check, the Baldwin Technology stock was trading 91.49% higher at $0.900 on above average volume of 926,067.
Baldwin Technology shares soared in trading today after the company agreed to be acquired by Forsyth Baldwin LLC, a company controlled by Forsyth Capital LLC. Baldwin Technology and Forsyth signed a definitive agreement under which Forsyth will acquire all outstanding shares of Baldwin Technology for $0.96 per share in cash.
The offer price from Forsyth represents a premium of 104% over Baldwin Technology shares’ closing price on December 22, 2011. The transaction has been approved by Baldwin Technology’s Board. Under the terms of the agreement, Baldwin Technology’s Board can solicit, receive, evaluate and negotiate alternative proposals through January 28, 2012. If there is no superior offer, Forsyth is expected to close the transaction in the second quarter of 2012.
Mark Becker, CEO of Baldwin Technology said that the transaction will improve Baldwin’s financial strength and enable it to continue to operate effectively in its current markets and beyond. Becker further said that Forsyth’s financial resources and management experience will accelerate the turnaround of Baldwin Technology already underway.
About Baldwin Technology Co.: Baldwin Technology Co. is a worldwide supplier of process automation equipment for the printing and publishing industry.
- The Baldwin Technology stock has a 52-week range of $0.42-$1.80.
- The stock trades on a daily average volume of 64,049.
- The stock is currently trading above its 50-day moving average, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside, which is a strong bullish signal.
Baldwin Technology Co. announced that it will be acquired by Forsyth. The company’s shares soared following the announcement.