Financial stocks were narrowly higher with the NYSE Financial Sector Index climbing about 0.1% and the S&P Financial 100 Index inching less than 0.1% higher.
Under terms of the transaction, TIPT will pay $10 in cash for each FRF share. The agreement also includes a 30-day go-shop period where FRF can actively solicit and negotiate alternative offers. The current deal is expected to close by late 2014 or early 2015.
FRF shares were ahead about 40.4% at $9.85 apiece, just 2 cents under their highest share price since May 2011. TIPT also was higher today, climbing about 0.1% to match its session high at $7.23 a share.
In other sector news,
(+) LM, (+0.6%) Reports $693 bln under management at the end of July. Fixed income outflows were $3.8 bln last month while equity outflows totaled just $400 mln during July.
(-) TCAP, (-3.0%) Prices underwritten public offering of upsized 4.3 mln shares at $26.85 apiece, a 2.85% discount to Monday's closing price for the stock. The deal added an extra 300,000 shares shortly before pricing.
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