SunPower Corporation' Class A shares jumped 38 % to $ 22.26 and Class B shares jumped 40 % to $ 22 in after hours trading as company announced that it is entering into Broad Strategic Relationship with TOTAL S.A to shape the future of solar industry.
According to the detail of the story, TOTAL S.A. will offer $23.25 per share for 60 % of outstanding common stock of each class ( A & B ). The offer is at premium of 46 % from a closing price as on April 27th. 2011 for class A stock and 49% premium for class B stock. Total will provide SunPower with up to $1 billion of credit support over the next five years. Following closing of the transaction, which has been approved by the boards of both companies, SunPower will continue to operate with its current management team.
As stock of the company close to the offer price, there is a little chance to trade both the stocks !
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