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JNI Shoots Up on Buyout

It will be acquired by Applied Micro for about $190 million.
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Updated from Aug. 28

Shares of

JNI

(JNIC)

shot up Friday after the maker of hardware and software for storage-area networks agreed to be acquired by

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Applied Micro Circuits

(AMCC)

for about $190 million.

JNI was recently up $1.10, or 19%, to $6.80. Applied Micro was down 15 cents, or 2.5%, to $5.78.

According to the agreement, Applied will pay $7 a share in cash for each share of JNI. Applied also will assume all JNI employee stock options. As of June 30, JNI's assets included about $90 million of cash and investments.

The boards of both companies have approved the acquisition, and Applied expects to close the transaction in the fourth quarter of this calendar year.