Volt Information Sciences, Inc. (NYSE American: VOLT) is engaged as a global staffing services provider across numerous industries such as aerospace & defense, finance, information technology, media & entertainment, life sciences, software, and more. Shares of the global staffing company are surging 95% through early trading on Monday, March 14, 2022. Over the past three months, Volt Information has seen average daily volume of around 76,790 shares. However, volume of 6.03 million shares or dollar volume of around $35.52 million, has already exchanged hands through early trading.
Shares of Volt Information Sciences are skyrocketing after the company announced that it has entered into a definitive agreement to be acquired by Vega Consulting, Inc., an affiliate of ACS Solutions. Under the terms of the agreement, Vega will acquire Volt for $6.00 per share in cash, which represents a 99% premium compared to Volt’s closing price on March 11, 2022.
The acquisition has been approved by Volt’s board of directors and now faces a shareholder vote. A tender offer is expected to be made by Vega no later than March 25, 2022. If executed, the transaction is estimated to close during the second half of 2022.
“This acquisition offers Volt a compelling opportunity for continued growth. With ACS Solutions as our sister company, we will be in a position to accelerate investments in technology, enhance our capabilities, expand our operations, and ultimately deliver better value to our clients — all complementing the superior client service that has come to be synonymous with the Volt brand,” said Volt’s President and Chief Executive Officer, Linda Perneau.
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