Tower Bancorp Shares Jump On Buyout Offer

Shares of Tower Bancorp Inc TOBC surged about 35% in pre-market trading after Susquehanna Bancshares Inc SUSQ agreed to buy Tower Bancorp for $343 million in cash and stock, representing a 41% premium over Tower's closing stock price on Friday. Susquehanna expects the deal to lift its 2013 earnings per share by 10%. Susquehanna expects the deal to close in the first quarter of 2012. TOBC shares jumped 35.49% to $27.60 in the pre-market session, while SUSQ shares dropped 7.07% to $7.75 in pre-market trading. Read more from Benzinga's Company news.