Why Shares of State Auto Financial Nearly Tripled Today
The shares of Ohio-based regional property and casualty insurance company State Auto Financial (NASDAQ: STFC) blasted through the speed limit on Monday. The company's stock closed a hard-to-believe 191% higher today on news that it is being acquired by a well-known peer -- which happens to be its main shareholder.
Privately held Liberty Mutual, a major player in the property and casualty space, announced this morning that it has signed a definitive agreement to acquire State Auto Financial for $52 per share -- hence the stock's dramatic rise over the course of the day.
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Source Fool.com
