NEW YORK (
) -- Merger Monday continued into the after-hours session as
agreed to be acquired by
Kratos Defense & Security Solutions
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,
for $315 million,
reached terms to buy
for $6.8 billion, and
hammered out a $7.3 billion cash-and-stock deal for
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
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.
fell almost 8% to $3.20 on late volume of around 185,000 after the San Francisco developer of games for smartphones and tablet computers forecast a wider than anticipated loss for its fiscal first quarter.
The company beat Wall Street's expectations for its fiscal fourth quarter ended in December but said it expects an adjusted loss of 7 cents a share for the current March period on revenue of between $14 million and $14.5 million.
The current average estimate of analysts polled by
is for a loss of 4 cents a share in the quarter on revenue of $14.6 million.
Based on their regular session close at $3.47, Glu Mobile shares were up more than 150% in the past 52 weeks, and the stock hit a new 52-week high of $3.73 in volatile trading on Monday ahead of its report.
Written by Michael Baron in New York.
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