InvenSense's stock soars to lead NYSE gainers after TDK merger deal
InvenSense Inc.'s stock soared 17% toward a 16-month high in morning trade Wednesday, enough to be the top gainer on the NYSE, after the sensor platform maker agreed to be acquired by Japan's TDK Corp. in a deal valued at $1.3 billion. Under terms of the deal, TDK will pay $13 for each InvenSense share, a 20% premium to Tuesday's closing price of $10.84. The deal is expected to close in quarter ending September 2017. "This is an exciting day for InvenSense as our proposed acquisition by TDK represents what we view as a compelling win for InvenSense's shareholders, customers and employees," said InvenSense Chief Executive Behrooz Abdi. "TDK understands the value of InvenSense's suite of sensor and software platforms." The stock has run up 24% year to date, while SPDR Technology Select Sector ETF has climbed 14% and the S&P 500 has gained 11%.
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