Update: MONY to Buy Advest

Updated from 2:09 p.m. EDT

In a deal highly protective of its own stock price, MONY Group (MNY Quote) said Thursday that it would buy the Advest Group (ADV Quote).

Advest shareholders, who have bid the Hartford, Conn.-based regional brokerage's stock up 60% since June as they anticipated a takeover, would choose whether to accept cash, MONY shares or a combination of the two at the transaction's close, the companies said. The structure of the deal values Advest based on a 10-day average closing price of MONY shares, a device seemingly aimed at both maintaining MONY's stock price and guaranteeing a price range to Advest shareholders. ...