Teco Energy Shares Jump After Emera Buyout Offer

Teco Energy Inc. shares jumped in the extended session Friday after Canada-based energy company Emera Inc. said it was buying Teco for $10.4 billion. Teco shares surged 28% to $26.99. The deal offers to pay Teco shareholders $27.55 a share. Teco provides electric and gas utilities in Florida and New Mexico. The $10.4 billion purchase price includes $3.9 billion of Teco's debt. Emera expects to close the deal by mid-2016.