Why Rubicon Technology Stock Is Soaring Today

Rubicon Technology Inc RBCN shares are trading higher Tuesday after the company announced that it entered into a definitive stock purchase and sale agreement with Janel Corporation JANL.

Pursuant to the agreement, Janel will commence a cash tender offer to purchase up to 45% of the outstanding shares of Rubicon for $20 per share. The sale agreement has been unanimously approved by the board of directors of both companies.

The offer is expected to commence within the next 10 business days, with the closing anticipated to be approximately 30 days thereafter. Upon completion of the offer, Rubicon will distribute $11 per share in cash to the company's shareholders. 

Rubicon is an advance materials provider specializing in monocrystalline sapphire products for optical systems and expertise extending from the preparation of raw aluminum oxide through sapphire crystal growth and fabrication.

See Also: Benzinga Before The Bell: Record Inflows In 'Short Bitcoin' Funds, Elon Mus's Trillionaire Possibility, Gmail's Political Bias And Other Top Financial Stories Tuesday, July 5

RBCN Price Action: Rubicon is making new 52-week highs on Tuesday.

The stock was up 66.8% at $15.15 at press time, according to data from Benzinga Pro.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: MoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!