On Tuesday evening, The Blackstone Group (NYSE:BX) announced it is buying Hilton Hotels (HLT-OLD) for US$26-billion, or US$47.50 per share. The price represents a 40% premium to Monday's closing price.
The shares rose more than 6%, or US$2.18, to US$36.05 on Tuesday, after starting their climb on Monday night. U.S. markets closed early at 1 p.m. ET on Tuesday.
Analysis from MeasuredMarkets shows deviant trading behavior ahead of the news.