RTTNews | Jun 21, 2021 09:59AM EDT

09:59 Monday, June 21, 2021 (RTTNews.com) - Lydall, Inc. (LDL) shares are spiking on Monday morning after Unifrax, a global provider of high-performance specialty materials announced a definitive agreement to acquire Lydall in a deal worth around $1.3 billion. As per the agreement, Lydall shareholders will receive $62.10 per share in cash for each share.

Unirax said the addition of Lydall and its strong capabilities in advanced filtration would create a global platform with a significant scale. The acquisition is expected to close in the second half of 2021.

Currently, shares are at $60.32, up 81.20 percent from the previous close of $33.29 on a volume of 891,108. For the 52-week period, the shares have traded in a range of $11.15 to $60.65 on average volume of 86,382.

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