Why Shares of Mr. Cooper Group Are Blasting Higher Today
Shares of the mortgage-servicing company Mr. Cooper Group (NASDAQ: COOP) had blasted 16.3% higher at 10:38 a.m. ET, after the company announced that it had agreed to be acquired by the mortgage giant Rocket Companies.Rocket plans to buy Mr. Cooper Group in an all-stock deal that values the company at $9.4 billion, or $143.33 per share. The transaction represents a 35% premium to the company's 30-day average weighted share price. Mr. Cooper Group shareholders will also receive a $2 cash dividend per share prior to the deal's closing, which is expected to take place in the fourth quarter of this year.Continue reading
Shares of the mortgage-servicing company Mr. Cooper Group (NASDAQ: COOP) had blasted 16.3% higher at 10:38 a.m. ET, after the company announced that it had agreed to be acquired by the mortgage giant Rocket Companies.
Rocket plans to buy Mr. Cooper Group in an all-stock deal that values the company at $9.4 billion, or $143.33 per share. The transaction represents a 35% premium to the company's 30-day average weighted share price. Mr. Cooper Group shareholders will also receive a $2 cash dividend per share prior to the deal's closing, which is expected to take place in the fourth quarter of this year.
