Arizona Sonoran Copper Company Inc. (ASCUF) shares jumped 24.53 percent to $6.60, up $1.30 on Monday, after the company agreed to be acquired by Hudbay Minerals Inc. in an all-share transaction.
The stock is currently trading at $6.60, compared with a previous close of $5.30. It opened at $6.00 and has traded between $6.00 and $6.60 during the session on the OTC Markets. Trading volume stands at 0.06 million shares, compared with an average volume of 0.15 million shares.
Under the agreement, Hudbay will acquire all outstanding ASCU shares it does not already own for 0.242 of a Hudbay common share per ASCU share, implying a value of C$9.35 per share and a premium of about 30 percent to the latest close. The transaction will give Hudbay full ownership of the Cactus project.
The stock has traded in a 52-week range of $1.16 to $6.60.
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