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Alleghany Shares Surge on Takeover by Berkshire Hathaway

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.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

March 21, 2022 08:16 ET (12:16 GMT)

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