surged 11% Tuesday after the maker of PVC pipe products agreed to be acquired by privately held pipemaker
for roughly $400 million in cash.
J-M will pay $33.50 a share, representing a premium of about 12% over PW Eagle's Friday closing price of $29.86.
"With the announcement of this merger, we believe the strategic committee of PW Eagle's board of directors has fulfilled its pledge to maximize shareholder value following a thorough process during which a wide range of strategic alternatives were considered," PW Eagle said in a statement.
The deal is expected to be completed during the second quarter.
Shares of PW Eagle recently were up $3.14 to $33.