Surface Cleaner Maker Flotek Industries' Shares Jump After-Hours On Unsolicited Bid; Ropes In Piper Sandler

Surface cleaner and disinfectant maker Flotek Industries FTK said on Monday it had received an unsolicited takeover offer for part or all of the company, sending its shares higher in after-hours trading.

What Happened: The Houston, Texas-based company said it had not set a timetable for the conclusion of its evaluation of the offer and if it could lead to one or more transactions or other strategic change or outcomes. 

Why It Matters: Flotek said it would not comment further unless the company’s board approves a specific course of action or if a disclosure is required by law.

Flotek has named Piper Sandler & Co as a financial advisor to assist with the evaluation process.

Price Action: Flotek stock closed 8.59% lower at $0.56 a share on Monday. The stock was up about 49.3% in after-hours trading. Flotek has a 52-week high of $2.74 a share.