PLX Technology: After-Hours Trading
NEW YORK (TheStreet) -- Shares of PLX Technology(PLXT) soared in late trades on Monday after the company agreed to be acquired by Integrated Device Technology(IDTI) for $330 million in cash and stock.
The deal values PLX at $7 per share, based on Friday's closing price for Integrated Device shares at $6.67. The transaction calls for a swap of $3.50 a share in cash and 0.525 of an Integrated Device share for each PLX share. PLX's stock closed Monday's regular session at $3.98.
The companies expect the deal to close as early as the second calendar quarter of 2012. The terms allow PLX to "solicit superior proposals from third parties for a 'go shop' period of 30 calendar days" running through May 30.
PLX shares were last quoted at $6.79, up 71%, on volume of more than 250,000, according to Nasdaq.com. Integrated Device's stock was off nearly 6% to $6.39 with more than 240,000 shares changing hands.
"This proposed transaction will enable our stockholders to realize significant value today and benefit from the many growth and cost reduction opportunities of the combined company," said Ralph Schmitt, the president and CEO of PLX. "We expect that a transaction with IDT will enhance PLX's commitment to its customers to deliver innovative technologies that meet their needs and demands."
Shares of other chip capital technology companies were getting a lift in the extended session on the news, including MIPS Technologies(MIPS) , adding 5.2% to $6.88 on volume of more than 80,000; and Veeco Instruments(VECO) , rising 14.3% to $34.50 on volume of nearly 216,000.
Check out TheStreet's quote page for PLX Technology for year-to-date share performance, analyst ratings, earnings estimates and much more.
Other stocks active after the bell included Kona Grill(KONA) , which gained more than 14% to $7.70 on volume of 30,000 after the company blew past Wall Street's profit expectations with its first-quarter results as same-store sales jumped 8.7%; QuinStreet(QNST) , whose shares were off 14% to $9.03 on volume of close to 20,000 after the online marketing and media company reported revenue of $93 million for its fiscal third quarter ended in March, below the average analysts' view of $102.5 million.
--Written by Michael Baron in New York.
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