This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

PLX Technology: After-Hours Trading

Stocks in this article: PLXTIDTIVECOQNSTKONA

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) 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 Nasdaq.com. 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), 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), 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), 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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs