- The stock price of Ryder System, Inc. (NYSE: R) surged over 18% during intraday trading today. This is why.
The stock price of Ryder System, Inc. (NYSE: R) surged over 18% during intraday trading today. Investors are responding positively to what was revealed in a regulatory filing.
A 13-D filing revealed that Ryder System received an acquisition offer. The purchase price offer is $86 per share from HG Vora Capital Management. HG Vora Capital Management is a major shareholder in the company.
This bid represents a 24.8% premium to the 30-day trailing volume-weighted average price of the stock. And the premium implies an acquisition price of about $4.4 billion.
HG Vora held about 5.05 million shares in the company prior to the acquisition offer.
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