This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Herley, Conexant: After-Hours Trading

NEW YORK ( TheStreet) -- Merger Monday continued into the after-hours session as Herley Industries (HRLY) agreed to be acquired by Kratos Defense & Security Solutions (KTOS) for roughly $270 million.

The cash deal values Herley shares at $19.00 each, a premium of 17% to a regular-session closing price of $16.25. The stock last quoted at $18.80, up 15.7%, on late volume of more than 625,000, according to

Kratos is now expected to launch a cash tender offer for Herley common stock no later than Feb. 25. Assuming a majority of Herley's outstanding common stock is tendered to the offer, as well as satisfaction of other customary closing conditions, Kratos would then purchase any remaining Herley shares in a second-step merger.

Based in Lancaster, Pa., Herley develops microwave technology products, including telemetry systems and flight termination receivers, for defense, aerospace and medical applications. On Dec. 9, the company reported sales of $48.9 million for its fiscal first quarter ended Oct. 31.

Earlier on Monday, AOL (AOL) snapped up Huffington Post for $315 million, Danaher (DHR) reached terms to buy Beckman Coulter (BEC) for $6.8 billion, and Enesco hammered out a $7.3 billion cash-and-stock deal for Pride International (PDE).

Conexant Systems

Shares of Conexant Systems (CNXT) also got a lift in late trades on M&A news after the Newport Beach, Calif.-based chip maker received a competing acquisition proposal from buyout firm Golden Gate Private Equity.

The deal would value Conexant shares at between $2.35 and $2.45 each in cash, the company said. The stock closed Monday's regular session at $2.10, and was trading up nearly 14% at $2.38 on volume of around 640,000 after the closing bell.

Conexant, which also reported its fiscal first-quarter results, already has an agreement in place to be acquired by Standard Microsystems (SMSC) for $2.25 a share in stock and cash, but the company said its board has already determined the Golden Gate Private Equity offer can be "reasonably expected" to lead to a superior proposal and consented to engage in talks with and provide financial information to the buyout firm.

For the three months ended Dec. 31, Conexant posted a loss of $9.7 million, or 12 cents a share, on revenue of $46.1 million.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CNXT $33.00 0.00%
GLUU $2.67 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs