December 4, 2017 / 6:36 AM / 2 years ago

Prysmian makes $30/share all-cash offer for General Cable

MILAN, Dec 4 (Reuters) - Italian cable maker Prysmian said on Monday it would buy General Cable for $30 per share in an all-cash deal valuing its Kentucky-based rival at around $3 billion, including debt and other liabilities.

The purchase price represents a premium of 38 percent to General Cable’s closing price on Friday of $21.80.

The deal, which is expected to close by the third quarter of next year, would create a group with combined sales of over 11 billion euros and adjusted core earnings (EBITDA) of around 930 million euros, the companies said in a joint statement. (Reporting by Agnieszka Flak; Editing by Edwina Gibbs)

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