February 28, 2018 / 12:55 PM / in 6 months

BUZZ-Student Transportation: Jumps after buyout deal

** Shares of Canada’s school bus co up 23 pct at $7.40 premarket after its largest shareholder, and insurance co Ullico Inc agrees to buy company

** Stock top gainer on Nasdaq premarket

** STB shareholders to receive $7.50 per share in cash, a premium of 25 pct to Tuesday’s close

** Holders of STB 2013 and 2016 debentures to receive $7.50 after they get converted to shares

** Raymond James cuts to “market perform” from “outperform”; says offer price well above their PT of $6.50, does not expect a counter bid

** STB’s biggest shareholder Caisse de dépôt et placement du Québec holds 8.4 pct stake in STB, per TR data

** STB down 2 pct so far this year (Reporting by Medha Singh in Bengaluru)

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