Houston Wire & Cable Company (NASDAQ: HWCC) has disclosed that it has inked a deal with Omni Cable LLC. As per the deal, Omni Cable LLC will buy all outstanding shares of HWCC common stock for $5.30 per share in an all-cash deal priced at $91 million. The price signifies a payment of 39% to HWCC’s unchanged closing price of $3.80 on March 24, 2021, and an 89% payment to the $2.81 average closing price for the previous 12-month period.
HWCC Board of Directors has provided the authorization for the deal. All HWCC directors and officers have reached an agreement to vote their shares, plus shares convened by The D3 Family Funds, in support of the deal. Such shares signify nearly 19% of the issued and outstanding shares as of March 24, 2021.
Shares of Houston Wire & Cable Company (NASDAQ: HWCC) has skyrocketed 41.84% at $5.35 during the pre-market trading session of Thursday. In the past 52-week of the trading session, the firm’s share went up 118.39% and went down -20.00% from its 52-week low and high, respectively. HWCC has a total market capitalization of $61.22 million.
OmniCable is a unit of Dot Holdings Co, which is held by Dot Family Holdings. The merged firm results in a national wire and cable redeployment industry leader that will take advantage of OmniCable’s and HWCC’s highly harmonizing businesses, products, and national imprint to better fulfill the needs of both firm's clients.