Polypore International Inc. (PPO) announced Monday morning that it has agreed to be acquired by a U.S. subsidiary of Asahi Kasei Corporation for $60.50 per share in cash. Immediately prior to Asahi Kasei's acquisition of Polypore, 3M Co. (MMM) will acquire the assets of Polypore's Separations Media segment for about $1 billion. Asahi Kasei will receive the cash proceeds from this asset sale.
Polypore International gapped open dramatically higher Monday, but moved in a narrow range throughout the session. Shares finished up by 6.75 at $59.70 on the highest volume of the year. The stock leaped to a new high for the year.
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