This Day On The Street
Continue to site right-arrow
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

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 - Get Report) 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 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 - Get Report), 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 - Get Report), 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 - Get Report), 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.

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
IDTI $19.84 -0.87%
KONA $27.75 -2.40%
PLXT $6.50 0.31%
QNST $5.95 0.00%
VECO $30.65 0.33%


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs