Alexander & Baldwin shares spike after announcing $2.3 bn deal

Alexander & Baldwin shares surged over 38% after announcing a $2.3-billion take-private deal led by MW Group, Blackstone Real Estate, and DivcoWest at $21.20 per share, a 40% premium. Piper Sandler downgraded the stock to neutral despite the jump. The transaction is expected to close by Q1 2026, and the company declared a Q4 dividend of $0.35 per share.