Planet Payment's stock soars on premarket-leading volume after buyout deal

Shares of Planet Payment Inc. PLPM, +0.26% rocketed 17% on heavy volume in premarket trade Friday, after the multi-currency payment processing company agreed to be acquired by Fintrax Group in a deal that values Planet Payment at about $224 million. Volume topped 7.7 million shares, compared with the full-day average of about 220,000 shares, and enough to make it the most actively traded stock ahead of the open. Under terms of the buyout deal, announced late Thursday, Fintrax will pay $4.50 in cash for each Planet Payment share outstanding, which represents an 18% premium to Thursday's closing price. The deal is expected to close by the end of the year. The per-share bid is 7.4% below the July 26, 2016 closing high of $4.86, and 9.9% below the Aug. 3, 2011 record close of $4.95. Planet Payment's stock had lost 6.4% year to date through Thursday, while the S&P 500 SPX, +0.13% had climbed 14%.

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