SuperMedia LLC (SPMD) and Dex One Corp. (DEXO) announced Tuesday morning that their Boards of Directors have approved a definitive agreement to combine in a stock-for-stock merger of equals. Dex One shareholders are expected to own approximately 60 percent and SuperMedia shareholders are expected to own approximately 40 percent of the combined company.
SuperMedia gapped open sharply higher Tuesday, but traded in a range throughout the session. The stock closed up by 1.06 at $3.64 on the highest volume of the year. SuperMedia closed challenging the highs of the year, trading at an 8-month high.
Dex One gapped open higher Tuesday and traded in a range for the majority of the day. The stock closed up by 0.39 at $1.63 on the highest volume in 9 months. Dex One set a 4 1/2 month high.
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