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CMP stock jumps 19% in wake of agreement

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London--In the wake of United News & Media's announcement Thursday that its San Francisco-based Miller Freeman unit had agreed to acquire CMP Media, investors drove both United News' and CMP's share prices higher. With the news that London-based United News would pay $39 a share for CMP stock, the stock of the Manhasset, N.Y.-based technology publisher leaped 19% to close at $38.44. When CMP announced it was mulling merger or sale options in February, President-CEO Michael Leeds said a primary goal was to ensure stockholder value. From CMP's IPO share price of $22 to Thursday's close of $38.44 a share, the company's value increased 75%. Meanwhile, United News' share price rose 7% to $22 in Thursday's trading.
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