Publish date:

Florida East Coast Shares Flying

Shares jump 11% on a Fortress buyout.
Author:

Florida East Coast Industries

(FLA)

soared 11% after the real estate company agreed to be taken private by affiliates of

Fortress

TheStreet Recommends

undefined

.

Holders of the Jacksonville, Fla., company will get $62.50 a share in cash, plus $21.50 in a special dividend.

The terms represent a 13% premium to Monday's closing price and a 31% premium to the average closing price over the last 60 trading days.

Shares rose $8.07 to $82.20.