Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
Building products company Foundation Building Materials (NYSE: FBM) has announced that it has entered into an agreement to be acquired by an affiliate of American Securities LLC.
The private equity firm will acquire the outstanding shares of FBM for approximately $1.37 billion or $19.25 per share in cash.
“American Securities has a proven track record of investing in building products and distribution businesses, and shares our commitment to providing superior products and services to our customers,” said Ruben Mendoza, FBM’s CEO.
Lone Star Funds, another private equity firm acquired FBM 2015 and has held a majority stake in the company since its public listing in 2017.
The companies expect to complete the transaction in the first quarter of 2021.
FBM shares have rallied premarket to $19.24, up 26.91% from its Friday close of $15.16. The Californa -based company’s shares are down over 21% for the year to date.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .