Associated Estates Realty Corp. (AEC) announced Wednesday morning that it agreed to be acquired by Brookfield Asset Management (BAM) for $28.75 per share in cash.
Associated Estates Realty gapped open dramatically higher Wednesday morning, but traded in a range throughout the session. Shares finished with a gain of 4.01 at $28.49 on the highest volume of the year. The stock leaped to a new high for the year.
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