ALY Jumps On Acquisition Announcement

Shares of Allis-Chalmers Energy Inc ALY are surging after the news of its acquisition by Seawell. ALY’s shares 55.65% to $3.58 at $9:49 am. Seawell is acquiring ALY for $890 million, or $4.25 per share in cash, valuing the company at 85% premium to its yesterday's closing price. Allis-Chalmers Energy’s shares have lost 10.16% over the past month and dipped 38.99% year-to-date. Read more from Benzinga's Company news.