We recently published a list of Investors Are Dumping These 10 Stocks. In this article, we are going to take a look at where Flowserve Corporation (NYSE:FLS) stands against other worst-performing stocks on Wednesday.
Flowserve dropped its share prices by 6.16 percent on Wednesday to end at $47.41 apiece following plans to merge with Chart Industries, Inc. (NYSE: GTLS) for a transaction value of $19 billion.
Under the agreement, Chart shareholders will receive 3.165 shares of Flowserve Corporation common stock for each share of Chart common stock owned.
A group of industrial workers in coveralls operating a large scale pump system in a factory.
Following the closing of the transaction, Chart shareholders will own approximately 53.5 percent and Flowserve Corporation shareholders will own approximately 46.5 percent of the merger company, on a fully diluted basis.
“The merger will create a differentiated leader with the scale and resilience to meet the significant demand for comprehensive industrial process technologies and services,” said Flowserve Corporation President and CEO Scott Rowe.
“Chart’s and Flowserve’s highly complementary businesses will strengthen our ability to meet our customers’ needs, empower innovation and drive long-term, sustainable growth,” he added.
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This article is originally published at Insider Monkey.
