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Cutter & Buck Taken Out

It will be acquired for $156.5 million.
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Cutter & Buck

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, a designer of golf apparel and sportswear, surged 22% Friday after the company agreed to be acquired by Sweden's New Wave Group AB.

The deal is valued at $156.5 million. New Wave will pay $14.38 for each share of Cutter & Buck, a premium of nearly 24% to Thursday's closing price.

Shares of Cutter & Buck were lately rising $2.54 to $14.17.