Zones jumps 52% after inking deal to be acquired for $8.65 per share cash
Shares of Zones Inc. (Nasdaq:ZONS) have soared 52% after the company announced ahead of the opening it would be acquired for $8.65 per share cash. The company will be taken private after its chairman and CEO, Firoz Lalji, acquires the Auburn, Wash.-based company. The transaction is expected to close in the fourth quarter of this year.
Also before the opening, the direct-marketing technology reseller announced its second quarter earnings. For the quarter ended June 30, net sales decreased 17.6% to $158.3 million. Net income was $3.6 million, or $0.25 per share, compared with $4.4 million, or $0.30 per share, for the same period a year earlier.
At 9:45 a.m. ET, shares are at $8.30, up $2.86 from Wednesday’s close. Shares have ranged from $5.44 to $11.60 during the past year.
For detailed price information and recent news stories about Zones Inc., click ZONS.
