India, March 24 -- Shares of The AZEK Company Inc. (AZEK) gained 12% on Monday morning after James Hardie Industries plc (JHX, JHX.AX) agreed to buy the company for a combination of cash and James Hardie shares with a total transaction value of $8.75 billion.
AZEK is currently trading at $46.75, up $5.36 or 12.95%, on a volume of 10 million shares above average volume of 1.6 million, on the Nasdaq. The stock opened its trading at $49.80 after closing Friday at $41.39. The stock has traded between $35.48 and $54.91 in the past 52-week period.
As per the deal, AZEK shareholders will receive $26.45 in cash and 1.0340 ordinary shares of James Hardie to be listed on the New York Stock Exchange for each share of AZEK common stock they own. The ...