Updated from 1:07 p.m. ET

Shares of Nova Chemicals( NCX) were up $3.87, or 289%, to $5.21 Monday on news that International Petroleum Investment Co. of Abu Dhabi will buy the Canadian company for $6 a share in a $2.3 billion deal.

Nova is one of North America's top plastics and chemicals companies and gets 45% of its revenue in the U.S., 35% in Canada, and 20% in Europe and elsewhere.

"The opportunity to join IPIC comes at a good time for Nova Chemicals and will enable us to offer both stability and long-term growth to many of our stakeholders," said Jeff Lipton, Nova CEO. "IPIC is well financed and has a track record of working successfully with companies like ours."




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fell $9.71, or 25% to $30.83 on concerns that Medicare health care providers would be hurt after the federal government proposed a much lower-than-expected payment-rate hike for 2010.

This article was written by a staff member of TheStreet.com.