India, March 31 -- Shares of Mr. Cooper Group Inc. (COOP) gained over 14% on Monday morning after Rocket Companies Inc. (RKT), the parent company behind Rocket Mortgage, announced it would buy rival Mr. Cooper in an all-stock transaction for $9.4 billion.
COOP is currently trading at $119.80, up $15.31 or 14.65%, on a volume of 1.12 million shares, above average volume of 0.6 million, on the Nasdaq. The stock opened its trading at $125.18 after closing Friday at $104.49. The stock has traded between $74.49 and $125.34 in the past 52-week period.
Under the terms of the deal, Mr. Cooper shareholders will receive 11 Rocket shares for each share of Cooper stock that they hold, which represents a value of $143.33 per share based on the March 2...