Platinum Underwriters Holdings (PTP) announced Monday morning that it agreed to be acquired by RenaissanceRe Holdings Ltd. (RNR) for $76 per share, or approximately $1.9 billion.
Platinum Underwriters Holdings gapped open dramatically higher this morning and is now up 11.54 at $72.81 on the highest volume of the year. The stock has leaped to a new high for the year.
RenaissanceRe Holdings has been steadily declining since the open and is now down 4.32 at $97.14 on above average volume. The stock has dropped to over a 1-month low.
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