Arxis Shares Slip as $890 Million Deal Puts Pressure on Growth Timing
Arxis shares fell 3.7% to $41.33 Wednesday after the company announced $890 million in acquisitions to expand its electronic-components business. The deals include a pending all-stock buyout of Omnetics Connector Corp. and a completed cash purchase of MagCanica Inc. Arxis went public in April at $28 a share, raising $1.13 billion. The company’s market cap stood near $16.96 billion during trading.