Chart Industries Shares: The Path to a $210 Payout

As Chart Industries shares trade within a narrow range, market participants are assessing the implications of the pending acquisition by Baker Hughes and recent executive changes. With a definitive merger agreement in place, the company's valuation is largely anchored to the agreed-upon takeover price. Recent developments involving institutional investors and leadership transitions provide crucial insights for those monitoring the deal's progression.

In a significant corporate announcement dated November 17, 2025, Chart Industries revealed that President and Chief Executive Officer Jillian (Jill) Evanko will step down effective January 6, 2026.

This leadership change represents a planned succession strategy as the company prepares for integration:
* Evanko will transition to the position of Senior Advisor to ensure continuity until deal completion
* Her departure facilitates a move to a leadership role at a private company
* The board of directors intends to appoint an interim CEO from within its existing leadership team

This executive reshuffling indicates that strategic preparations for the merger are substantially complete, with current emphasis shifting toward regulatory compliance and integration planning.

The Baker Hughes Acquisition Framework

The dominant factor influencing Chart Industries' stock performance remains the definitive acquisition agreement with Baker Hughes. Announced in July 2025, Baker Hughes intends to acquire Chart Industries for $210 per share in cash. This valuation corresponds to an approximate total enterprise value of $13.6 billion.

The stock currently trades at a discount to this offer price, reflecting both the time value of money and the anticipated regulatory timeline for a transaction of this magnitude.

Should investors sell immediately? Or is it worth buying Chart Industries?

• Acquisition price: $210 per share (all-cash)
• Enterprise value: ~$13.6 billion
• Current status: Shareholder approval obtained, HSR waiting period expired
• Expected completion: Mid-2026

The spread between the current market price (around $203-204) and the acquisition price represents the arbitrage opportunity, adjusted for the extended timeframe until deal closure.

Institutional Positioning: Penn Capital Exits Stake

Recent regulatory filings indicate notable shifts in shareholder composition. Disclosures from November 24, 2025, revealed that Penn Capital Management has completely liquidated its position in Chart Industries.

Critical timing clarification: While the disclosure became public this week, the trading activity reflects portfolio adjustments made during the third quarter of 2025. This distinction is essential for investors to understand—the "sale" did not occur within the past 24 hours but was only confirmed in the most recent 13F filing. Such position liquidations often occur when active managers perceive limited upside potential beyond a fixed acquisition price or seek to reallocate capital before deal finalization.

Operational Performance: Limited Impact on Valuation

Current trading levels also incorporate the company's operational results released in late October. On October 29, 2025, Chart Industries published its quarterly figures:
* Revenue: Approximately $1.10 billion (below expectations)
* Adjusted EPS: $2.78 (missing analyst forecasts)

Although these results fell short of market projections, the stock's downward movement remains effectively contained by the binding merger agreement with Baker Hughes—provided deal conditions continue to be met. For Chart Industries shareholders, the primary focus remains firmly on the regulatory approval process and the eventual $210 per share payout.