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InvenSense In Talks To Be Acquired

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InvenSense In Talks To Be Acquired

InvenSense Inc (NYSE: INVN) shares spiked in mid-day trading following news from Reuters that the U.S. chipmaker was in talks to be acquired by Japan-based TDK Corp.

The source for the story was unwilling to be identified, as deliberations were confidential, but disclosed that TDK had offered $12 per share, an over 44 percent premium from where InvenSense was trading before the news broke, according to Reuters.

The news revives late October comments from the company:

  • October 28: InvenSense announced it was exploring “strategic alternatives,” moving the stock up over 11 percent.
  • October 30: InvenSense announced it was “evaluating indications of interest”, moving the stock up over 5 percent.

InvenSense has a current short interest of 12.23 percent with 5.7 days to cover. 

At last check, the stock was Up 26.72 percent at $10.46.

Image Credit: By Andres Rueda (CD-CX10RFW 2014.09.01) [CC BY 2.0], via Wikimedia Commons

Posted-In: Reuters TDK CorpM&A News Movers Tech Best of Benzinga

 

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