ACE Ltd. (ACE) announced Wednesday morning that it has agreed to acquire Chubb Corp. (CB) for $28.3 billion. Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE stock for each Chubb share.
ACE has gapped open sharply higher this morning and is now up 6.34 at $108.02 on above average volume. The stock has jumped to a 1-month high.
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