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Why Veoneer Stock Soared 56% Today

Why Veoneer Stock Soared 56% Today

For fiscal Q2, Veoneer reported an $0.89 per share loss on sales of $398 million -- two cents better profits than analysts had forecast, but revenue nearly 2% shy of consensus estimates. Magna's bid for Veoneer comes to $31.25 per outstanding share, or $3.3 billion total, payable in cash. Magna will also assume about $500 million in Veoneer's debt, raising the total value of the transaction to the aforementioned $3.8 billion.