traded higher late Monday after it agreed to sell its publicly traded
Computer Network Technology
for $190 million.
Computer Network will buy SPX's 90% stake in the company, as well as the publicly held shares, for $2.31 each -- just 9 cents over its Friday close. The combined company will have annual revenue of $435 million, which is about double CNT's current revenue.
SPX was recently up $1.17, or 4%, to $32, while CNT's shares were getting hammered, down 22% to $5.52.