Lonza (LZAGF.PK) agrees to buy Arch Chemicals (ARJ) for $1.4B, or $47.20/share, a 37% premium to Arch's average closing price over the last 30 days. The deal, announced this morning, creates the world's largest microbial-control business, but regulators may be more concerned by the 11% spike in Arch's shares on Friday on unusually high volume.
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