Yahoo Finance Raven Soars 47% Premarket On CNH Industrial's $2.1 Billion Offer
By Dhirendra Tripathi
Investing.com – Shares of Raven Industries (NASDAQ:RAVN) were up more than 47% in Monday’s premarket trading after it accepted an offer from CNH Industrial (NYSE:CNHI) that gives the company an enterprise value of $2.1 billion.
CNH is offering $58 for each share, 50.2% higher from Raven’s closing price on Friday. CNH shares were flat in premarket trading.
Closing is expected to occur in the fourth quarter of 2021 and Raven shares will no longer be traded on the exchange once the deal is complete.
The two companies have had a long-standing relationship and the deal is expected to enhance CNH’s position in the global farm equipment market by adding Raven’s competence in autonomous and precision agriculture technology.
CNH does not expect the proposed acquisition to have any impact on its guidance for 2021.
It has guided for 14% to 18% growth on in net sales from industrial activities for the ongoing fiscal that ends December 31.
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Raven Soars 47% Premarket On CNH Industrial's $2.1 Billion Offer
