Thermon jumps on $2.2 bln CECO buyout deal

Shares of industrial process heating firm Thermon THR.N jump 18.3% to $58.89 premarket after CECO Environmental CECO.O to buy co

CECO says co to acquire THR in stock-and-cash deal worth $2.2 bln

THR shareholders can opt for $63.89 per share in cash, or $10 in cash and 0.6840 CECO stock, or 0.8110 CECO shares per Thermon shares

Cash offered by CECO is 28.4% premium to THR's last close

THR says CECO to pay $105 mln if deal terminated

Todd Gleason to continue as combined entity CEO

CECO shares down 4.2%

As of last close, THR up nearly 33.9% YTD, CECO up 29.8%