Supreme Industries, Inc. (NYSEMKT: STS) is having an incredibly strong start to the day in the pre-market hours this morning, and for good reason. The company announced that it will be acquired, which led to excitement among investors and sent the stock skyrocketing toward the top. Of course, this led to an alert from our partners at Trade Ideas. Currently (8:33), STS is trading at $20.94 per share after a gain of $5.47 per share or 35.36% thus far today.
STS Announces Acquisition
As mentioned above, Supreme Industries is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has entered into a definitive agreement under which the company will be acquired by Wabash National Corporation (NYSE: WNC). Under the agreement, STS will be acquired at a price of $21 per share, bringing the total value of the acquisition to $364 million. In a statement, Dick Giromini, CEO at Wabash National, had the following to offer…
“Wabash National has been closely monitoring the transportation landscape as the growth of e-commerce has continued to change the logistics model… We formally entered the final mile space in 2015 with the launch of our dry and refrigerated truck bodies, and we have been aggressively growing our presence and product offering over the past two years. This acquisition supports these efforts and accelerates our objective to transform our business into a more diversified industrial manufacturer.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on STS. In particular, we’re interested in following the acquisition to see that it closes as expected. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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