: Greenhill stock more than doubles after cash deal valued at $550 million to be bought by Japan’s Mizuho


Shares of Greenhill & Co. Inc. GHL, +116.22% rocketed 115.9% toward a 13-month high, enough to pace all premarket gainers on Monday, after Japan-based Mizuho Financial Group MFG, -0.68% 8411, -0.75% announced an agreement to buy the independent investment bank in an all-cash deal valued at $550 million, including debt. Under terms of the deal, Mizuho will pay $15 for each Greenhill share outstanding, which represents a 121.2% premium to Friday’s closing price of $6.78. The purchase price implies a market capitalization for Greenhill of $274.8 million. “Our clients will continue to receive the same high quality advice from the same team, operating under the same brand, overseen by the same management,” said Greenhill Chief Executive Officer Scott Bok. “Our employees will see little change in their day-to-day work and will benefit from access to Mizuho’s vast global client base as well as its broad range of products,” Bok added. Greenhill’s stock has plunged 39.8% over the past three months through Friday, while Mizuho shares have lost 7.2% and the S&P 500 SPX, +0.02% has gained 5.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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