Breaking Finance News

BREAKING- Zoltek Spikes on Takeover Rumors (ZOLT)

At about 1:24 p.m. EDT, shares of Zoltec (NASDAQ: ZOLT) spiked 8 percent after an FT Alphaville blog said that it was a takeover target. The stock has now given back most of its gains.

The report said,

Quinpario Partners, an activist investor in the materials sector that took a 10 per cent stake in Zoltek in March, was rumoured to have put in an offer in recent weeks to buy the rest.

A price tag in the region of $22 has been mentioned. That would be a 55 per cent premium to its price at pixel time of $13.86 (down 2.2% on the day).

A Quinpario spokeswoman said the company was “still in the process with Zoltek” but declined to comment further. Zsolt Rumy — Zoltek’s chairman, president, CEO and 17.9 per cent shareholder — would not comment.

 

[stock-tools exchange="NASDAQ" symbol="ZOLT" 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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