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Select Interior Concepts Stock Leaps on Sun Capital Partners Buyout Pact

Select Interior Concepts leaped after the Atlanta distributor of interior building products agreed to be acquired by PE firm Sun Capital Partners for $411 million cash.
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Shares of Select Interior Concepts  (SIC) - Get Select Interior Concepts, Inc. Class A Report leaped on Monday after the Atlanta distributor of interior building products said it would be acquired by private equity firm Sun Capital Partners for $411 million cash.

Select Interior shares recently traded at $14.26, up 30%, pushing their gain to 62% for the past six months.

Under terms of the agreement, the Boca Raton, Fla., PE firm will pay $14.50 cash SIC share. That's a 32% premium over SIC’s closing price Aug. 6. 

The deal is expected to close early next quarter, subject to conditions including regulatory clearances and a vote of Select Interior holders.

In other merger news Monday, poultry-producing titan Sanderson Farms  (SAFM) - Get Sanderson Farms, Inc. Report agreed to be bought by commodity giant Cargill and Continental Grain. It’s a cash transaction at $203 a share, valuing the Laurel, Miss., company at $4.53 billion.

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The purchase price is a 30% premium to Sanderson Farms' closing price of $155.74 on June 18, the last full trading day prior to media speculation about the potential sale. TheStreet.com reported Sunday that the deal was imminent.

Cargill and Continental Grain will combine Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, to form a new, privately-held poultry business.

The transaction is expected to close by early 2022. The acquisition group has committed equity and debt financing in place to complete the deal.

And shares of Golden Nugget Online Gaming  (GNOG) - Get GOLDEN NUGGET ONLINE GAMING, INC. Report rolled higher Monday after the company agreed to be acquired by peer DraftKings in n an all-stock deal valued at $1.56 billion.

In connection with the acquisition, DraftKings entered an agreement with Fertitta Entertainment, parent of the Houston Rockets of the National Basketball Association; Golden Nugget; and Landry’s, a restaurant and gaming company.