Breaking Finance News

BREAKING- Michael Baker Acquired- Stock Up 36 Percent

Shares of Michael Baker Corporation (NYSE: BKR) are up more than 36 percent in premarket trading after the firm agreed to be acquired by Integrated Mission Solutions.

According to the release, Integrated Mission Solutions, an affiliate of DC Capital Partners will pay $40.50 per share–a 37 percent premium to Baker’s closing share price of $29.60 on July 26, 2013, a 55 percent premium to the average 90-day share price, and a 93 percent premium to the share price on December 18, 2012, the day before DC Capital publicly proposed to acquire Baker.

Thomas J. Campbell, Chairman of IMS and Founder of DC Capital, said,

“This is a significant step for both companies. The combination of Michael Baker and IMS will create a company with over $1.0 billion in revenue, approximately 5,000 employees, and a platform with global reach. IMS has a strong presence internationally with a history of operating on all five continents. This geographic footprint in support of our customers in growth areas such as infrastructure, development, intelligence, and technology combined with Michael Baker’s complementary capabilities, highly certified, security cleared workforce, and distinctive North American presence will greatly enhance our collective ability to manage and execute larger projects.”

[stock-tools exchange="NYSE" symbol="BKR" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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