Hellman & Friedman Buying Kronos

Shares surge 14%.
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Kronos (KRON) surged 14% after agreeing to a $1.8 billion buyout by private-equity firm Hellman & Friedman.

Kronos shareholders will get $55 a share in cash for each share of Kronos common stock, representing an 18% premium to Thursday's closing price and a 34% premium over Kronos' closing share price from 20 trading days ago.

"We are pleased to announce this agreement, which represents the culmination of a thorough review of our stand-alone plan and strategic alternatives," said Kronos Chairman Mark S. Ain. "Our Board of Directors believes this transaction is in the best interests of our shareholders and affirms Kronos' tremendous value, market leadership and the exciting growth opportunities in front of us."

Shares rose $6.31 to $52.94.