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Market
Prysmian stock price increase post-Encore acquisition
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Resolution / Starting Odds
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Story
Prysmian Acquires Encore Wire for $4.2 Billion, Largest Deal Under New CEO
Apr 15, 2024, 10:31 AM
Prysmian Group has agreed to acquire Encore Wire Corporation for approximately $4.2 billion (€3.9 billion), marking the largest deal in the company's history and the first under its new CEO. The acquisition price is set at $290 per share in cash. This strategic move is seen as a response to Prysmian's dimming cable market outlook, offering a significant boost by acquiring one of the public market's notable performers. The deal has led to a 9.2% pre-market increase in Encore Wire's stock value.
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