were among technology's winners Tuesday, jumping 13% after the software company agreed to be acquired by privately held M2M Holdings for $92 million in cash.
The deal value prices Onyx at $4.80 a share, representing a premium of 15% over Monday's closing price of $4.17. The deal is expected to close during the third quarter. "We believe that this transaction is the right decision for Onyx shareholders, customers, partners and employees," Onyx said. "Upon closing, this transaction will provide liquidity to shareholders and a premium to our recent trading prices." Once the deal closes, Onyx will operate as a separate business unit of Made2Manage Systems, M2M Holdings' primary asset. Shares of Onyx Software were trading up 54 cents to $4.71.
slid 10% after the company said its operating company subsidiary plans to sell $240 million in senior subordinated debentures due 2016. The company also plans to grant underwriters an option to buy an additional $35 million of debentures to cover over-allotments. Spansion said that its subsidiary plans to use proceeds from the offering to repay debt, for working capital and for general corporate purposes. Shares of the flash-memory company were recently trading down $1.62 to $15.14.
fell 5% after the chipmaker said it would sell some $650 million in convertible subordinated notes due 2013. The company will also grant initial purchasers an option to buy an additional $100 million in notes within 13 days of the initial issuance of the notes. International Rectifier plans to use part of the proceeds from the offering to fund convertible-note hedge transactions, which are aimed at reducing potential dilution from the conversion of notes. The company also plans to use proceeds to fund its general corporate needs. Shares were trading down $2.01 to $41.45.