The Arctic Cat stock price skyrocketed over 40% after the opening bell today (Wednesday).
Why?
Textron Inc. (NYSE: TXT) is purchasing all-terrain vehicle maker Arctic Cat Inc. (Nasdaq: ACAT) for $247 million in cash. Textron provides products and services in the aircraft, defense, and industrial industries.
Textron offered $18.50 per share, which is 41.3% higher than ACAT's closing price on Jan. 24 of $13.09 per share.
According to Fortune, Textron is purchasing Arctic Cat to boost its specialized vehicle sales.
This acquisition is occurring at a critical moment for Arctic Cat. The company has reported larger than expected losses in each of the past four quarters. Revenue has also missed analysts' expectations in each of those quarters.
Only 30% of analysts covering ACAT stock listed it as a "Buy" in January.
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