Evoqua shareholders will receive 0.480 Xylem shares, or about $52.89, for each one they own.
That's a 29% premium to where Evoqua shares closed on Friday.
Evoqua shares jumped 14% on the news, but Xylem shareholders are balking at what they see as a pricey deal.
XYL 1Y mountain Xylem shares sell off in the wake of Evoqua deal That's one of problems Raymond James analyst Pavel Molchanov raised.
Trading in Evoqua shares doesn't appear to indicate expectations of a competing bid surfacing, and some analysts have said they didn't expect one,.