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Ambassadors International (AMIE Quote) gained after the Newport Beach, Calif., travel and event services firm reached an agreement to acquire the assets of Delta Queen Steamboat Co.
The deal calls for Ambassadors Cruise Group, a unit of Ambassadors, to buy the three vessels and operating assets of Delta Queen for $3 million in cash and the assumption of about $9 million of customer deposits and around $35 million of debt.
Additionally, Delta Queen can get up to 100,000 Ambassadors shares if certain financial targets are met in the three years following the close of the transaction. Shares of Ambassadors gained $2.18, or 12.1%, to $20.15. ...
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