Why Diamond Hill Stock Soared Today

The boutique investment management firm is being sold.Shares of Diamond Hill Investment Group (DHIL +44.40%) leaped 44% on Thursday after the asset manager struck a deal to be acquired by First Eagle Investments for 473million.DiamondHillsinvestmentteamisslatedtostayonboardUnderthetermsofthedeal,FirstEaglewillpurchaseallofDiamondHillsoutstandingstockfor473 million. Diamond Hill's investment team is slated to stay on boardUnder the terms of the deal, First Eagle will purchase all of Diamond Hill's outstanding stock for 175 per share in cash. That's a premium of more than 49% compared to Diamond Hill's closing stock price on Dec. 10."This par ...