Arconic Posting Strong Gain On Report Of Bid From Private Equity Consortium

(RTTNews) - After gapping open notably higher, shares of Arconic Inc. (ARNC) remain firmly in positive territory in afternoon trading on Monday. Arconic is currently up by 4.5 percent

The initial jump by Arconic came after a report from Reuters said Blackstone Group L.P. (BX), Carlyle Group L.P. (CG), Onex Corp. and the Canada Pension Plan Investment Board have joined forces in a bid to acquire the aluminum products maker.

People familiar with the matter told Reuters that Arconic will decide whether to agree to a sale later this month, cautioning that there is no certainty of a deal.