Why Montage Technology (MONT) Stock Is Jumping Today

NEW YORK (TheStreet) -- Montage Technology (MONT) was gaining 9.5% to $21.66 Wednesday after agreeing to be acquired by Shanghai Pudong Science and Technology Investment.

Shanghai Pudong Science and Technology Investment will acquire Montage for $22.60 a share, valuing the company at $693 million. Montage's board of directors unanimously approved the deal, and the company will soon hold a special meeting or shareholders to consider and act upon the deal.

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MONT Chart

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"Montage Technology Group Limited is a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets. Its analog and radio frequency solutions, digital signal processors and high speed interfaces serves as the foundation for its technology platform. Its solutions contain a number of different technologies that allow for enhanced signal processing, resulting in improved overall video quality under the typically limited existing broadband network infrastructure in emerging markets. The Company has sold over 230 million integrated circuits, which have been shipped to over 150 end customers globally. The Company offers 10 solutions for use in the home entertainment market and two memory interface solutions for use in the cloud computing market."

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Why Montage (MONT) Is Jumping Today