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