MAC Copper Stock Soars 22% On Acquisition Deal With Harmony Gold

(RTTNews) - MAC Copper Limited (MTAL) shares surged 21.43 percent to $12.30 on Tuesday, up $2.18, after the company announced it has entered into a binding scheme implementation deed with Harmony Gold Mining Company Limited (HMY) and its subsidiary Harmony Gold Pty Ltd.

MAC Copper opened at $12.03 and traded between $11.97 and $12.80 on the New York stock Exchange. Volume jumped to 1.68 million shares, significantly higher than the average of 432,836. The stock had previously closed at $10.15 and has a 52-week range of $7.69 to $15.26.

Under the agreement, Harmony Australia will acquire 100 percent of MAC's issued share capital through a Jersey law scheme of arrangement. The transaction has received unanimous support from MAC's board of directors, who recommend shareholders vote in favor of the deal, absent a superior proposal.