Tech stocks slid modestly Friday, despite soaring buyout targets 3Com(COMS Quote) and Travelzoo(TZOO Quote).
3Com soared 34.2% after Bain Capital and China's Huawei Technologies agreed to buy the telecom-equipment maker for $2.2 billion. The offer of $5.30 a share represents a 44% premium over 3Com's $3.68 closing price Thursday. As part of the deal, affiliates of Huawei Technologies will take a minority stake in 3Com and become commercial and strategic partners, the company said. Shares gained $1.26 to $4.94.
Travelzoo shares jumped 15.4%, after rumors surfaced that Priceline.com(PCLN Quote) was interested in buying the online travel site, according to Reuters. Shares peaked at $24.97 in late afternoon, before retreating to $22.95, a gain of $3.06. ...
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