Modine stock extends surge premarket after Gentherm deal to spin off Performance Technologies
Modine shares rose 1.5% premarket Friday after a 20% jump Thursday, following news it will spin off its Performance Technologies unit and merge it with Gentherm in a $1 billion tax-free deal. Modine expects a $210 million cash payout and will distribute about 21 million Gentherm shares to its shareholders. The company reports earnings Feb. 4.