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.
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.
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