Rubicon soars on Janel's offer to acquire 45% stake

Rubicon Technology

05/07/2022 16:02

** Shares of Rubicon Technology Inc  RBCN.O  up 62% at
$14.82, highest since January 2016
    ** The American company, which specializes in sapphire
products for optical systems, entered into a cash tender offer
agreement with Janel Corp on Tuesday under which Janel will buy
up to 45% of outstanding shares of Rubicon's common stock at
$20/shr
    ** Offer represents a nearly 120% premium to Rubicon's
closing stock price of $9.10 on July 1
    ** Rubicon expects to distribute $11/share in cash to the
company's stockholders upon completion of the tender offer
    ** Stock trading over 70 on the relative strength index,
suggesting an overbought stock
    ** Including session moves, RBCN up ~65% YTD

 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))