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Cable maker Prysmian to buy Encore Wire for $4.6 billion
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investing.comInvesting.com-- Cable manufacturer Encore Wire Corporation (NASDAQ:WIRE) said on Monday it had entered a definitive agreement with bigger Italian peer Prysmian SpA (BIT:PRY) to be acquired for about $4.6 billion.
Prysmian will pay $290 in cash for each share in Encore, representing a premium of about 10% to Encore’s last close on Friday. Based on Investing.com data, the per share figure values Encore at about $4.6 billion.
Encore said its board of directors had unanimously approved the deal and that it recommended the takeover to its shareholders. The deal is expected to close in the second half of 2024, barring shareholder and regulatory approval.
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