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Why Kaman Stock Just Doubled in a Day

2024-01-19 12:21:57 ET

Investors in airplane parts supplier Kaman (NYSE: KAMN) woke up to a very pleasant surprise this morning. Private equity firm Arcline Investment Management has announced it will buy the stock for a huge premium.

And Kaman shares have doubled in a single day — up 101.4%, to be precise, through 11 a.m. ET.

Arcline is offering $46 per share — cash — to take Kaman private, in a transaction valued at $1.8 billion inclusive of debt. (Kaman has about $382 million in long-term debt, plus other liabilities, for a total of about $828 million, according to data from S&P Global Market Intelligence .) And as Kaman pointed out in a press release, this price is about 110% of what its shares have fetched on the stock market over the last three months — a result that management deadpans “maximizes value for shareholders.”

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Why Kaman Stock Just Doubled in a Day


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