By Colin Kellaher
Shares of Alleghany Corp. jumped nearly 25% in premarket trading Monday after the insurer agreed to be acquired by Berkshire Hathaway Inc. for about $11.6 billion.
Alleghany investors will receive $848.02 a share in cash, a roughly 25% premium to Friday's closing price of $676.75 and nearly 15% above the stock's 52-week high of $737.89 reached last May.
The purchase price is also just above the all-time high of $847.95 Alleghany's share price hit in February 2020.
Alleghany shares were recently changing hands at $844.78 in light premarket trade.
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(END) Dow Jones Newswires
March 21, 2022 08:16 ET (12:16 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.