The price of Colt Industries stock soared
Following Colt’s announcement of a recapitalization plan, the firm’s stock rose $26.87 1/2 a share to close at $93.62 1/2 on the New York Stock Exchange. Under the plan, each share of the company’s common stock, other than those held in the retirement savings plan, would be exchanged for $85 in cash, a total of about $1.6 billion, and one share of stock in the recapitalized company. Because of the recapitalization plan, the company doesn’t plan to declare a cash dividend in the foreseeable future.
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