Herley, Conexant: After-Hours Trading

NEW YORK ( TheStreet) -- Merger Monday continued into the after-hours session as Herley Industries ( HRLY) agreed to be acquired by Kratos Defense & Security Solutions ( KTOS) 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 Nasdaq.com.

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, AOL ( AOL) snapped up Huffington Post for $315 million, Danaher ( DHR) reached terms to buy Beckman Coulter ( BEC) for $6.8 billion, and Enesco hammered out a $7.3 billion cash-and-stock deal for Pride International ( PDE).

Conexant Systems

Shares of Conexant Systems ( CNXT) 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 Standard Microsystems ( SMSC) 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.

Glu Mobile

Shares of Glu Mobile ( GLUU) 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 Thomson Reuters 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.

>To contact the writer of this article, click here: Michael Baron.

>To submit a news tip, send an email to: tips@thestreet.com

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Opinion

7 Takeaways From Google's $550-Million Investment in Alibaba Rival JD.com

7 Takeaways From Google's $550-Million Investment in Alibaba Rival JD.com

It's Just Not Smart For Investors to Ignore the Threat of a Trade War

It's Just Not Smart For Investors to Ignore the Threat of a Trade War

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

Flashback Friday in Politics: Trade Wars, Manafort, Immigration Dominate Minds

Flashback Friday in Politics: Trade Wars, Manafort, Immigration Dominate Minds

Microsoft and Sony's Rumored Game Console Plans Bode Well for AMD

Microsoft and Sony's Rumored Game Console Plans Bode Well for AMD