Surface cleaner and disinfectant maker Flotek Industries (NYSE:FTK) said on Monday it had received an unsolicited takeover offer for part or all of the company, sending its shares higher in after-hours trading.
What Happened: The Houston, Texas-based company said it had not set a timetable for the conclusion of its evaluation of the offer and if it could lead to one or more transactions or other strategic change or outcomes.
Why It Matters: Flotek said it would not comment further unless the company’s board approves a specific course of action or if a disclosure is required by law.
Flotek has named Piper Sandler & Co as a financial advisor to assist with the evaluation process.
Price Action: Flotek stock closed 8.59% lower at $0.56 a share on Monday. The stock was up about 49.3% in after-hours trading. Flotek has a 52-week high of $2.74 a share.
