NEW YORK (TheStreet) -- Shares of Acacia Research Corp. (ACTG) are spiking 8.78% to $3.84 in  heavy trading volume Monday afternoon after Uniloc Luxembourg offered to buy the company.

The Luxembourg-based company is offering to pay $3.72 per share for Acacia, which represents a 5% premium to Friday's closing price and a market capitalization of about $189 million.

Through its subsidiaries, Newport Beach, CA-based Acacia is engaged in patent investment, prosecution, licensing and enforcement activities.

Privately-owned Uniloc is a patent development, acquisition and enforcement company with a broad set of patent portfolios.

"Uniloc spent several years developing a proprietary technology platform and business model which allows us to operate at comparatively higher margins and lower costs, in almost every respect. We look forward to bringing this technology to scale with Acacia's patent assets and business," Uniloc CEO and co-founder Craig Etchegoyen said in a statement.

About 1.2 million of the company's shares were traded by this afternoon compared to its average volume of 923,856 shares per day.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: ACTG