Shares of Primo Water Corporation (PRMW) are gaining over 10% on Monday morning after the company agreed to merge with an affiliate of BlueTriton Brands, Inc.
PRMW is currently trading at $24.77, up $2.44 or 10.92%, on the Nasdaq. The stock opened its trading at $22.46 after closing Friday at $22.33. The stock has traded between $12.27 and $25.60 in the past 52-week period.
Primo Water and an affiliate of BlueTriton Brands has reached a deal merge in an all-stock transaction that was unanimously approved by their respective Boards of Directors.
Upon closing of the transaction, Primo Water shareholders and holders of incentive equity are expected to own 43% of the combined company and BlueTriton shareholders are expected to own 57%.
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