Flagstone Reinsurance Holdings (FSR: Quote) announced Thursday morning that it agreed to be acquired by Validus Holdings Ltd. (VR: Quote) for 0.1935 Validus voting common shares and $2.00 in cash for each Flagstone share.
Flagstone Reinsurance Holdings gapped open sharply higher Thursday, but was range-bound for the majority of the day. Shares finished up by 1.54 at $8.60 on the highest volume of the year. The stock broke out to a 6-month high and re-crossed both its 50 and 200-day moving averages.
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by RTT Staff Writer
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