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Why Resolute Forest Products Stock Skyrocketed Today

·2 min read
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Shares of Resolute Forest Products (NYSE: RFP) soared on Wednesday after the forest products leader struck a deal to be acquired by pulp and paper giant the Paper Excellence Group. As of 2:50 p.m. ET, Resolute's stock price was up more than 60%. Under the terms of the agreement, Resolute's shareholders would receive $20.50 per share in cash for each share they own.