Veoneer Shares Touch 52-week High, Magna Plans to Acquire Co.
24 July 2021 - 4:14AM
Dow Jones News
By Stephen Nakrosis
Shares of Veoneer Inc. touched a 52-week high on Friday, a day
after the company said it agreed to be acquired by Magna
International Inc.
The deal will see Magna acquire all issued and outstanding
shares of Veoneer for $31.25 per share in cash, the companies
said.
At 1:38 p.m. ET, shares of Veoneer were trading 56.27% higher,
at $31.14 a share. Volume at the time topped 10.9 million shares,
above the stock's 65-day average volume of 507,928.
Earlier in the session, the stock touched a 52-week high of
$31.36 a share.
"Magna expects to operate Veoneer's Arriver sensor perception
and drive policy software platform as an independent business
unit," the companies said.
At 1:41 p.m. ET, shares of Magna International were trading
4.25% lower on the New York Stock Exchange, at $81.36. Volume at
the time topped 4.1 million shares, above the stock's 65-day
average volume of some 1.3 million.
At 1:30 p.m. ET, Magna shares were trading 4.29% lower on the
Toronto stock exchange at C$102.31. Volume topped 1.1 million
shares, above the 65-day average volume of 640,526.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
July 23, 2021 14:06 ET (18:06 GMT)
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