HireRight to merge with US Investigations Services, shares rocket 46%
HireRight, Inc. (Nasdaq:HIRE), which provides on-demand employment background and drug screening services, said this morning that it will merge with US Investigations Services, pushing shares up a whopping 46% in pre-market trading.
Under the transaction, which is valued at approximately $195 million, USIS will pay HireRight stockholders $15.60 per share in cash, which represents a 54% premium over HireRight’s closing share price of $10.12 on Friday, June 6, and a 65% premium over the weighted average trading price of the company’s shares for the past three months. After the merger has been consummated HireRight will be combined with the USIS’s commercial services division.
Shares rocketed 46%, or $4.83, to $15.30 in pre-market trading. For detailed price information and recent news stories about HireRight, click HIRE.
