Hi-Shear shares rise 58.5 percent on takeover announcement

Shares of Hi-Shear Technology Corp. (HSR) rose 58.5 percent during intraday trade on Wednesday, after the aerospace equipment manufacturer announced that it has a definitive merger agreement with UK’s Chemring Group PLC (LSE: CHR).

Hi-Shear Technology’s shareholders will receive cash $19.18 for every share of common stock held on completion of the transaction. The offer price is 61.44 percent higher than the closing price of $11.88 on Tuesday. The stock was trading at $18.83 at 2:45 PM ET. The board of Hi-Shear has approved the transaction; other customary approvals are to be completed.