Acquisition offer from Scott’s sends AeroGrow stock tumbling
BOULDER — Scotts Miracle-Gro Co. (NYSE: SMG), owner of 80.5% of AeroGrow International Inc. (OTCQB: AERO) stock, offered this week to purchase the remainder of Boulder-based indoor grow system manufacturer’s outstanding shares for $1.75 per share.
When documents related to the offer were filed with the U.S. Securities and Exchange Commission Tuesday, Aergrow’s stock was trading as high as $5.74 per share, close to the firm’s 52-week high. The price tumbled nearly 30% on Wednesday and was down another 22.72% on Thursday, finishing the day trading at $3.13.
Unsurprisingly, this development is not sitting well with…
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