SeaBright Holdings Inc. (SBX) announced after the close Monday that it agreed to be acquired by Enstar Group Limited (ESGR) for $11.11 per share in cash. The transaction is currently expected to close in the first quarter of 2013.
SeaBright Holdings gapped open dramatically higher Tuesday, but traded in a narrow range throughout the session. Shares finished up by 2.69 at $10.96 on the highest volume of the year. The stock leaped to a new high for the year.
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