Ares Capital Corp. (ARCC) announced Monday morning that it agreed to acquire Allied Capital Corp. (ALD) in an all stock transaction currently valued at $648 million. The transaction is expected to close by the end of the first quarter of 2010.
Ares Capital rose sharply in the first half hour of trade Monday and climbed further in the early portion of the afternoon. The stock closed up by $1.30 at $11.99 on the highest volume of the year. Shares broke out of over a one-month range and set a new high for the year.
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