P&F Industries Surges Over 86% After Agrees To Be Bought By ShoreView For $13/shr

(RTTNews) - Shares of P&F Industries, Inc. (PFIN) are trading up over 86 percent after the company announced that it has agreed to be acquired by ShoreView Industries for $13 per share in an all-cash transaction.

PFIN is trading up by 86.28 percent at $12.61 per share on the Nasdaq.

The purchase price reflects around a 97 percent premium to the closing stock price of P&F's stock price on October 12, the last trading day prior to announcing this transaction.

The transaction will be funded by a combination of cash from ShoreView Capital Partners IV, LP, and committed financing that is not subjected to any contingency.