Shares in Looser Holding AG rose as much as 26 percent after AFG Arbonia-Forster Holding AG announced a tender offer valuing the company at 511 million francs ($524 million). With the offer representing a 39 premium to Wednesday’s close, “the business addition does not come at a cheap price,” said Christian Arnold, an analyst at Vontobel. AFG fell as much as 14 percent.

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