Top NYSE Performer Thomas & Betts Corporation (TNB), Stock Soars after Company Agrees to be Acquired by ABB Ltd. (ABB)
(January 30, 2012) Shares of Thomas & Betts Corporation (NYSE: TNB), a Memphis, Tennessee-based company, are soaring in trading today. At last check, the Thomas & Betts stock was trading 22.76% higher at $71.14 on above average volume of 15.39 million.
Thomas & Betts shares are soaring in trading today after the company agreed to be acquired by Switzerland-based ABB Ltd. (ADR) (NYSE: ABB). Thomas & Betts and ABB entered into an agreement under which ABB will acquire all outstanding shares of Thomas & Betts for $72 per share in cash, or approximately $3.9 billion.
The offer price from ABB represents a premium of 24% over Thomas & Betts closing price on January 27, 2012 and a 35% premium to the volume weighted average stock price over the past 60 trading days. Joe Hogan, CEO of ABB, said that Thomas & Betts is a well-run company with strong brands and excellent distribution channels in the world’s largest low-voltage products market.
Dominic J. Pileggi, Chairman and CEO of Thomas & Betts, said that the transaction delivers substantial value to the company’s shareholders and will allow the company to accelerate its global growth strategy. Pileggi also said that the combination of ABB and Thomas & Betts will provide North American customers and distributor network with a broader portfolio of products.
About Thomas & Betts Corporation: Thomas & Betts Corporation is engaged in the designing and manufacturing of essential components used to manage the connection, distribution, transmission and reliability of electrical products in the industrial, construction and utility applications.
- The Thomas & Betts stock has a 52-week range of $37.51-$71.31.
- The stock trades on a daily average volume of 327,774.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
Thomas & Betts announced that it will be acquired by ABB. The company’s shares are soaring following the announcement.