Ducommon's stock soars 15% after company confirms receiving unsolicited $60-a-share bid

By Ciara Linnane

Private investment company Albion River's bid offers 23.5% premium over Friday closing price

The stock of Ducommun Inc. soared 15% early Monday, after the maker of components for the aerospace and defense industry confirmed that it has received a $60-a-share unsolicited bid from Albion River LLC, a private investment company.

The offer is a 23.5% premium over the stock's (DCO) close price Friday at $48.58.

The company's board will review and consider the offer to determine whether it's in the best interest of the company and its shareholders, it said in a statement.

Ducommun has been in business for 175 years, making it the oldest continuously operating company in California, said the statement.

The company had record revenue of $757 million in 2023.

RBC is acting as financial adviser to the company.

Ducommon, based in Santa Ana, has two core business areas, electronic systems and structural systems, producing products for commercial aircraft platforms, military and space programs, as well as industrial applications.

The stock has gained 7.7% in the year to date, while the S&P 500 SPX has gained 9%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

04-08-24 1025ET

Copyright (c) 2024 Dow Jones & Company, Inc.