Caterpillar Buying Bucyrus (BUCY, CAT)

Caterpillar

announced just now it is buying Bucyrus International, Inc.

for $92 per share in cash, in an effort to increase its presence in mining equipment. It's a 32% premium to Friday's close for Bucyrus. The purchase price is $8.6 billion, and is entirely in cash. Shares of BUCY are trading at $90.50‎, up $20.88‎ or 29.99%‎ in pre-market trading. CAT is down $1.04 to $80.00 in pre-market trading, a loss of 1.3%.