Shares of RTI International Metals soared 28% in premarket trade Monday, after the titanium producer agreed to be acquired by Alcoa Inc. in a stock deal valued at $1.5 billion. Under terms of the deal, RTI shareholders will receive 2.8135 Alcoa shares for each RTI share they own. Based on Friday's closing prices, that represents a bid of about $41 per RTI share, or a 50% premium. Alcoa expects the deal, which is expected to close in the next three to six months, to add $1.2 billion in revenue in 2019, and have net synergies of $100 million. "RTI expands our aerospace portfolio market reach and positions us to capture future growth to deliver compelling value for customers, shareholders and employees," said Alcoa Chief Executive Klaus Kleinfeld. Alcoa's stock, which rose 1.2% in premarket trade, has lost 9.7% in the past three months, while RTI has rallied 8.9% and the S&P 500 has gained 0.6%.
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