Resonant's stock skyrockets on heavy volume after Murata's buyout bid for a more than 265% premium
Shares of Resonant Inc. more than tripled in very active trading Tuesday, after the mobile device software company announced an agreement to be acquired by Murata Electronics North America Inc., which is a subsidiary of Japan-based Murata Manufacturing Co. Ltd. in a deal that implies a market capitalization for Resonant of about $295.7 million. Resonant's stock skyrocketed 249.6% to pace all gainers, while trading volume spiked up to 10.6 million shares, compared with the full-day average of about 523,300 shares. Under terms of the deal, which was announced late Monday, Murata will pay $4.50 in cash for each Resonant share outstanding, which was 265.9% above Monday's closing price of $1.23. The deal is expected to close in March. Resonant's stock has still shed 35.1% over the past 12 months and Murata's U.S.-listed shares have dropped 24.7%, while the S&P 500 has rallied 13.0%.
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