Why Modine stock is jumping today: the Gentherm deal and what’s next for MOD shares
Modine shares surged 6.8% to $197.24 Monday after investors weighed a $1 billion deal to spin off its Performance Technologies unit and merge it with Gentherm. The deal gives Modine a $210 million cash payout and its shareholders about a 40% stake in the new entity. Gentherm shares slipped 1%. Modine reports earnings Feb. 4.