AOL is going bananas

AOL shares are up more than 17% in pre-market trading following news that the company is being acquired by Verizon.

On Tuesday morning, Verizon announced it will acquire AOL for $US4.4 billion, or $US50 per share.

That’s a 17% premium over AOL’s Monday closing price of $US42.59.

Verizon shares, in contrast, were lower after the deal, falling as much as 1.5% in pre-market trade.

AOL shares have rallied nearly 13% over the past 12 months, and they’re down 7% year-to-date.

Read all about the deal here ยป

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