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Talk America (TALK) surged 23% Friday after it agreed to be taken private for $8.10 a share, or $251 million in cash.

New Hope, Pa., Talk America will be acquired by privately held Cavalier Telephone & TV of Richmond, Va.

New Cavalier will serve customers in six of the top 20 metropolitan services areas in the country, including Atlanta, Baltimore, Cleveland, Detroit, Philadelphia and suburban Washington.

Talk America chief Ed Meyercord will become CEO of Cavalier and report to Brad Evans, current CEO of Cavalier, who will become Cavalier's Executive Chairman.

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Shares rose $1.55 to $8.12.