Updated from 1:50 p.m. EDT
Financial stocks bounced higher to recover from some of Friday's steep losses as the sector was lifted by positive analyst notes and Freedom Acquisition Holdings (FRH Quote), which leapt 7% to $11.18 after announcing a reverse $3.4 billion merger with Britain-based GLG Partners.
Freedom agreed to pay $1 billion in cash and 230 million of its shares in order to form a publicly traded company called GLG, of which Freedom holders will own about a 28% stake (per Freedom's closing price Friday). Current GLG holders have also agreed to reinvest about half of their after-tax cash proceeds into GLG's funds on closing, which should occur early in the fourth quarter.
New York-based Amtrust Financial (AFSI Quote) jumped 2.4% to $18.70 after the insurance broker agreed to buy a Florida-based workers' compensation insurer, Associated Industries Insurance, for $41.2 million. ...
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