Elektra to Acquire Advance America For $10.50/Share

Mexican firm Grupo Elektra SAB announced its plans to acquire Advance America Cash Advance Centers Inc AEA for around $656 million in cash. However, the total value of the deal is around $780 million, inclusive of debt. The offer price values AEA at $10.50 a share, representing a 32.7% premium over the company's closing price of $7.91 on Wednesday. The deal is likely to close during the first half of 2012. AEA shares surged 26.55% to $10.01 in pre-market trading.