Veoneer Shares Touch 52-week High, Magna Plans to Acquire Co.

   By Stephen Nakrosis 
 

Shares of Veoneer Inc. touched a 52-week high on Friday, a day after the company said it agreed to be acquired by Magna International Inc.

The deal will see Magna acquire all issued and outstanding shares of Veoneer for $31.25 per share in cash, the companies said.

At 1:38 p.m. ET, shares of Veoneer were trading 56.27% higher, at $31.14 a share. Volume at the time topped 10.9 million shares, above the stock's 65-day average volume of 507,928.

Earlier in the session, the stock touched a 52-week high of $31.36 a share.

"Magna expects to operate Veoneer's Arriver sensor perception and drive policy software platform as an independent business unit," the companies said.

At 1:41 p.m. ET, shares of Magna International were trading 4.25% lower on the New York Stock Exchange, at $81.36. Volume at the time topped 4.1 million shares, above the stock's 65-day average volume of some 1.3 million.

At 1:30 p.m. ET, Magna shares were trading 4.29% lower on the Toronto stock exchange at C$102.31. Volume topped 1.1 million shares, above the 65-day average volume of 640,526.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

July 23, 2021 14:06 ET (18:06 GMT)

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