Shares of Multi-Fineline Electronix (MFLX - Get Report) were among technology's winners Tuesday, climbing 7% after a special committee of the company's board withdrew its recommendation to purchase Singapore-based MFS Technology.
The committee believes the acquisition, which was first announced on March 30, "is contrary to the best interests of M-Flex and its unaffiliated stockholder," M-Flex said. The committee based its decision, in part, on "significant decreases in MFS' net sales and net income for the third quarter of fiscal year 2006."
M-Flex, a maker of assembly systems used by the electronics industry, said it submitted an application with Singaporean officials to immediately withdraw the MFS offer. Shares were trading up $1.33 to $19.59.
XM Satellite Radio (XMSR) rose 12% after Bear Stearns lifted its rating on the stock. The brokerage firm, which boosted its rating to outperform from underperform, said XM's recent difficulties have dissipated. Bear Stearns also said that a pending Federal Communications Commission authorization of XM's devices could provide a boost to the company in the near future. XM shares recently were $1.42 higher to $12.66.Shares of Inter-Tel (INTL - Get Report) fell modestly after the company confirmed that it received a revised unsolicited acquisition bid from CEO Steven Mihaylo and Vector Capital for $23.25 a share in cash. Inter-Tel said it plans to review the group's offer, which was made early Monday, in due course. Shares were down 16 cents to $21.53.