What happened

Thanks to a well-timed buyout from a Japanese suitor, shares of Calgon Carbon Corporation (NYSE:CCC) are soaring 61.9% as of 11:45 a.m. EDT Thursday.

So what

Thursday morning, Calgon Carbon Corporation announced a deal to sell itself to Japan's Kuraray Co., Ltd., for $21.50 per share. The deal values Calgon Carbon stock at $1.1 billion, and once net debt is factored in, value's the transaction as a whole "in excess of $1.3 billion."

So what happens next?

A smiling child in bubble bath.

Calgon Carbon shareholders are ecstatic this morning -- and rightly so. Image source: Getty Images.

Now what

Calgon's sale is expected to close before the end of this year, subject to "customary closing conditions, including regulatory approvals and approval by Calgon Carbon stockholders." That last bit isn't going to be a problem though, I imagine. Few shareholders are going to turn up their noses at the opportunity to turn a down year for Calgon Carbon stock (which had lost 26% of its market cap from the start of the year through the close of trading Wednesday) into a surprise profit.

Barring a competing offer from another would-be acquirer (and Calgon's latest share price, being below Kuraray's offer price, suggests the market isn't anticipating any counter-bids), I suspect this deal is going to sail straight through -- which makes Calgon Carbon shareholders' decision on Thursday an easy one:

Take the money, and run.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.