Computer and mobile devices maker Apple Inc.(NASDAQ:AAPL) on Friday agreed to buy sensor chips maker AuthenTec, Inc.(NASDAQ:AUTH) in a deal valued at $356 million, AuthenTec said in a filing with the U.S. Securities Exchange Commission.
Get Complete Analysis on M&A Deals
Apple has agreed to pay $8 a share, which is a premium of about 58 percent to AuthenTec’s closing price of $5.07 on Thursday. The chip maker’s shares soared nearly 63 percent in early morning trades on the Nasdaq and was trading at $8.25 at 10.57 a.m.
Florida-based AuthenTec makes security software and chips for mobile phones and fingerprint sensor chips that are used in personal computers and has annual revenues of $70 million. The company said Piper Jaffray was the adviser to the deal.
In another takeover deal solid-state hard drive maker OCZ Technology Group Inc.(NASDAQ:OCZ) saw its shares rising as much as 28 percent in early trades after hardware blog Fudzilla.com reported that bigger rival Seagate Technology Plc had offered to buy it out.
Seagate declined to comment on the report and OCZ could not immediately be reached, though Fudzilla said a deal could be announced next week. Microcon Technology Group is also believed to be in the fray to acquire OCZ, the blog site said.
To Get Instant Rumor Updates, Sign Up For Free
OCZ shares surged more than 26 percent in early trades on Friday and was quoted at $6.90 at 10.22 a.m. on the Nasdaq. Seagate is looking to boost its solid state hard drive product portfolio and the OCZ acquisition is expected to shore up its margins.
OCZ is a relatively smaller player in the hard drive segment dominated by Seagate and Western Digital Corp, both of whom have however been lagging behind in adoption of solid state drives which is a faster technology.