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Update: UBS to Buy PaineWebber in $10.8 Billion Deal
Updated from 7:32 a.m. EDT
In a half-stock, half-cash deal valued at $10.8 billion, Swiss investment bank UBS (UBS Quote) will buy New York-based PaineWebber (PWJ Quote), the companies said Wednesday.
UBS said it would pay $73.50 a share, a 47% premium to PaineWebber's Tuesday closing price, although the price shot up over 8% on the day on rumors of an imminent takeover. ...
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