What happened
Shares of Control4 (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.
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.
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.
