Cytec Industries Inc. (CYT: Quote) announced Thursday morning that it intends to acquire all of the outstanding shares of Umeco plc in an all-cash transaction valued at approximately $439 million.
Cytec Industries gapped open dramatically higher Thursday and posted gains in early trade, before settling into a narrow range. The stock closed up by 6.57 at $64.06, with volume at over a 2-month high. Cytec surged past resistance and finished at a new high for the year.
by RTT Staff Writer
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