Phoenix Companies's Stock Nearly Triples After Buyout Agreement | Fox Business

Shares of Phoenix Companies Inc. nearly tripled in premarket trade Tuesday, after the insurer agreed to be acquired by Nassau Reinsurance Group Holdings for $217.2 million in cash. Under terms of the deal, Nassau will pay $37.50 for each Phoenix share outstanding, representing a 188% premium to Monday's closing price of $13.03. The acquisition is expected to be completed in early 2016, after which Nassau will contribute $100 million in new equity to improve Phoenix's balance sheet and provide working capital. The stock, currently trading at $34.98, is set to open at the highest price seen since April 30. Through Monday, the stock had plunged 81% year to date, while the S&P 500 had lost 8.6%.