Shares of Artic Cat Inc. rocketed 41% in active premarket trade Wednesday toward a 10 1/2-month closing high, after the recreational vehicle maker announced an agreement to be bought out by Textron Inc. . Volume of about 434,000 shares was already nearly triple the full-day average, according to FactSet. Under terms of the deal, Textron will pay $18.50 in cash for each Arctic Cat share outstanding. That represents a 41% premium to Tuesday's closing price of $13.09, giving the company at market value of about $241.4 million, but is 70% below the record close of $60.74 on Oct. 18, 2013. Artic Cat said after the deal closes, it will become part of Textron's specialized vehicles business while maintaining its brand name. The stock had gained 7.7% over the past 12 months through Tuesday, while the S&P 500 had run up 21%.
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