Market Chatter: Investment Group Takes Stake in A.M. Castle, Wants Talks On Future; Shares Surge 16.5%

Shutterstock photo

SeekingAlpha is reporting that an investor group, including financier Tom Gores and Chicago metals firm Ryerson, has revealed that it has taken a 6.1% stake in specialty metals and plastics distributor A. M. Castle ( CAS ) and is seeking to "engage in discussions" on the business including "a possible acquisition by one or more of the reporting persons."

CAS shares are up 16.5% to $10.75. Shares have traded in a day range of $9.56 - $10.96 and a year range of $6.99 - $14.99.

Trading volume is heavy, with 475,000 shares already changes hands compared to a recent daily average of 220,000 shares.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by