February 10, 2016 / 3:16 PM / a year ago

BUZZ-Empire District Electric: Hits record high on takeover by Algonquin

1 Min Read

** U.S. power producer's shares up 15.4 pct at $32.50 after hitting record high of $32.60

** Stock among top percentage gainer on NYSE

** Algonquin Power & Utilities Corp to buy Empire District Electric in C$3.4 bln ($2.4 bln) deal

** Algonquin offers $34 per share in cash, a near 21 pct premium to Empire District's Tuesday close

** More than 1.6 mln shares traded as of 10:05 a.m. ET, nearly 4x stock's 25-day moving average

** Up to Tuesday's close, stock had risen 6.6 pct in past 12 months

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