Elster Group up Nearly 18% After Confirming Possible Acquisition by Melrose PLC

Elster Group

is trading higher on the session after it confirmed a possible acquisition by Melrose PLC for $20.50 per ADS. This would total approximately $2.3 billion on a fully diluted basis. According to the company's news release, "the Administrative Board of Elster is in the process of evaluating whether the proposal is in the best interest of Elster and its stakeholders. There can be no assurances that any transaction will occur, or if it does, what the terms of such transaction would be." Elster Group is currently trading at $19.28, up $2.88 or 17.56% intraday.