West Fraser Timber Co. Ltd. shares jumped 21% in premarket trades after Reuters reported the company received an expression of interest for an acquisition by CVC Capital and Kronospan Ltd., a privately-held, U.K.-based wood panel manufacturer. Citing people familiar with the company, Reuters reported that Kronospan and CVC contacted West Fraser Lumber and said they would be interested in pursuing talks about purchasing the company. At last check, West Fraser Lumber had a market capitalization of $8.4 billion. Prior to Tuesday’s trades, West Fraser Lumber stock has fallen 12.7% in 2022, compared to a 27.4% loss by the Nasdaq and a drop of 19.6% by the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0