Greenhill & Co Stock Is Hitting New 52-Week Highs: What's Driving The Action?

Greenhill & Co Inc GHL shares are trading higher Monday after Mizuho Financial Group Inc MFG announced it would acquire the company for $15 per share.

What Happened: Mizuho entered into a definitive agreement to acquire Greenhill for $15 per share in an all-cash transaction, representing an enterprise value of approximately $550 million. Mizuho expects the acquisition to accelerate its investment banking growth strategy.

Following completion of the deal, Greenhill will operate as the M&A and restructuring advisory business of Mizuho. The existing Greenhill leadership team will remain in place.

"Given the evolution of markets, we believe our clients and employees will benefit from our team becoming part of a larger, more diversified financial institution," said Scott Bok, chairman and CEO of Greenhill.

See Also: Why Hepion Pharmaceuticals Stock Is Soaring Monday

GHL Price Action: Greenhill shares hit new 52-week highs in early trading Monday.

The stock was up 116.2% at $14.66 at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.