By midmorning, shares had climbed 5.5% to $9.47. Trading volume of 9.8 million was nearly sixteen times its three-month daily average.
The consumer lender said stockholders would receive $9.50 a share in a cash transaction totaling around $1.3 billion. The per-share price is a 12.3% premium to the company's 30-day volume-weighted average stock price.
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