What happened

Shares of Control4 (NASDAQ:CTRL), which makes smart-home devices, rocketed 35.9% higher in May, according to data from S&P Global Market Intelligence.

This performance is even more impressive than it seems given that the S&P 500, including dividends, fell 6.4% last month. 

Large fish with an open mouth and a dollar sign on it swimming after three small fishes, each with a dollar sign on it.

Image source: Getty Images.

So what

We can attribute Control4 stock's strong performance last month to the Utah-based company's May 9 announcement that it's being acquired by privately held SnapAV, which is headquartered in North Carolina and majority owned by private equity firm Hellman & Friedman. 

The all-cash, $680 million deal values Control4 at $23.91 per share, representing about a 40% premium over the stock's closing price on May 8. Shares surged 39.6% following the announcement.

CTRL Chart

Data by YCharts.

Now what

The deal is expected to close in the second half of 2019, at which time Control4 shareholders will receive $23.91 in cash for each share of the company they own.

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