American Medical Alert Corp. (AMAC) announced after the close Thursday that it entered into a definitive agreement to be acquired by Tunstall Healthcare Group Limited for $8.55 per share in cash. The transaction is expected to close at the end of the fourth quarter of 2011.
American Medical Alert gapped open dramatically higher Friday morning, but traded in a narrow range throughout the session. The stock finished up by 2.71 at $8.40 on the highest volume of the year and jumped to a new high for the year.
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