Granite Construction Announces Acquisition of Layne Christensen Company

Granite Construction Incorporated (GVA) announced on February 14 that it plans to acquire Layne Christensen Company (LAYN). Both company’s Board of Directors approved Granite’s acquisition in a stock-for-stock transaction valued at $565 million, including the assumption of net debt. They expect to complete the acquisition in the second quarter of 2018.

 

Sonal detected the event and issued an alert at 7:00 am. Layne’s next trade took place at 9:18 am for $15.75. The stock price had a spike in the first hour of trading before fading to the close of trading. Over the next five trading sessions, however, Layne’s stock began to trend higher. The stock closed at $16.16 on February 21.

Find out more about how you can trade on stock acquisition announcements in the Knowledge Center.

To see the latest weekly webinar, you can visit our Live Webinar page.

Subscribe here if you would like to start receiving these signals in real-time and start trading!