Blue Foundry Shares Surge 39% After Announcing All-Stock Merger With Fulton Financial

(RTTNews) - Blue Foundry Bancorp (BLFY) jumped 39.14 percent, rising $3.10 to $11.02 on Monday after the company agreed to be acquired by Fulton Financial Corporation in an all-stock transaction.

The stock is trading at $11.02, compared with a previous close of $7.92 on the Nasdaq. Today's trading range is between $10.27 and $11.20, with volume at about 1.41 million shares. Blue Foundry's 52-week range is $7.61 to $11.38.

Under the terms of the deal, each Blue Foundry share will be exchanged for 0.6500 shares of Fulton common stock, valuing the transaction at about $243 million, or $11.67 per Blue Foundry share.