India, July 29 -- Grant Thornton Advisors LLC on Wednesday said it agreed to acquire CBIZ, Inc. (CBZ), a provider of financial, insurance and advisory services, in an all-cash transaction with an enterprise value of $5 billion.
Following the announcement, CBIZ shares rose more than 16% in pre-market trading to $54.30.
Under the terms of the agreement, CBIZ shareholders will receive $55.00 per share, representing a premium of about 54% to the company's 30-day average share price.
Upon completion of the transaction, CBIZ will become a subsidiary of Grant Thornton, and its stock will cease trading on the New York Stock Exchange.
The transaction is backed by Grant Thornton' majority owner, New Mountain Capital, which will invest additional ...