The Goldfield Corporation (AMEX: GV) has signed a merger agreement with First Reserve. The merger agreement has allowed the affiliate of First Reserve to purchase all the outstanding shares of Goldfield for $7.00 per share in cash. This comprises the 64% premium to the closing stock price of Goldfield on Nov 23, 2020. Additionally, it also denotes the 57% premium to the 30-day volume-weighted average price of $4.46 on Nov 23, 2020.
This merger agreement will provide growth opportunities for the Goldfield Corporation as First Reserve is famous for working with firms that work in the utility sector. It has been disclosed that the deal will be executed via a cash tender offer. All the board of directors of GV has unanimously has approved the deal, suggested a total value of GV of nearly $194 million.