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 story : Domtar stock soars after buyout deal with Paper Excellence valuing company at .8 billion #FinanceUSA #StockMarketNEWS Shares Domtar Corp. soared 13.6% toward a 2 1/2-year high, after the communication

@stockMarketNEWS Wed 12 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Domtar stock soars after buyout deal with Paper Excellence valuing company at .8 billion #FinanceUSA #StockMarketNEWS
Shares Domtar Corp. soared 13.6% toward a 2 1/2-year high, after the communication and packaging papers company announced Tuesday an agreement to be acquired by Paper Excellence in an all-cash deal with an enterprise value of .0 billion. Under terms of the deal, Paper Excellence will pay .50 for each Domtar share outstanding, representing a 17.1% premium to Monday's closing price. Based on 50.25 million shares outstanding as of April 30, the buyout price implies a market capitalization for Domtar of .79 billion. The stock had soared 19% on May 4 following media reports of a potential merger. After the deal closes, which is expected to occur in the second half of 2021, Domtar will continue operations as a stand-alone entity, and will continue to be led by its management team. "This agreement enables our shareholders to realize certain and immediate cash value at a significant premium for their shares," said Domtar Chief Executive John Williams. "This transaction validates our long-term strategic plan for our leading paper and pulp businesses." Domtar's stock has soared 49.7% year to date, while the S&P 500 has gained 11.5%.


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