Whole Earth Brands shares surged more than 35% to a new 52-week high Tuesday after the food company agreed to be taken private.
Shares of the Chicago company were recently changing hands at a 52-week high of $4.77, up 36%.
Whole Earth said it accepted a sweetened bid of $4.875 a share in cash from an entity controlled by its largest shareholder, nearly 39% above Monday’s closing price of $3.51.
The deal price also is 56% above Whole Earth’s trading price of $3.12 last June, before the original offer of $4 a share from Sababa Holdings FREE, which is controlled by Martin Franklin, who already owns nearly 21% of Whole Earth.
The deal is slated to close in the second quarter.