Alterra Capital Holdings (ALTE) announced Wednesday morning that it agreed to be acquired by Markel Corp. (MKL) for approximately $3.13 billion.
Alterra Capital gapped open dramatically higher Wednesday, but traded in a range for the bulk of the session. Shares finished up by 5.03 at $28.18 on the highest volume of the year. The stock leaped to a new high for the year.
Markel gapped open lower Wednesday and sharply declined during the first half hour of trade. The stock finished with a loss of 49.81 at $436.24 on the highest volume of the year. Markel sank to over a 3-month low and fell below both its 50 and 200-day moving averages.
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