Why Iridium Stock Soared Today
The satellite specialist is merging with a rocket launch leader.
Overview
Shares of Iridium Communications (NASDAQ: IRDM) surged on Monday after the satellite-based network operator agreed to be acquired by Rocket Lab (NASDAQ: RKLB).
Image source: Getty Images.
Under the terms of the deal, Rocket Lab would purchase Iridium for $54 per share in cash and stock. That represents a 24% premium over Iridium's closing price on Friday and values the space stock at roughly $8 billion.
Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.