PCTEL Inc shares surged 47% to $6.86 in late-morning trading on Monday after the wireless technology solutions provider announced that it has agreed to be acquired by Amphenol Corporation (NYSE:APH) for $7 per share in cash, or a total consideration of about $139.7 million, representing a more than 50% premium to Friday’s closing price.
PCTEL said the deal is expected to close in the fourth quarter of 2023 or early 2024.
"Our team has done an excellent job of growing the business, establishing a leadership position in both antenna and test & measurement (T&M) innovation, and meeting our customers’ strong global demand for high reliability applications," PCTEL CEO David Neumann said in a statement.
PCTEL's products include purpose-built Industrial IoT devices, antenna systems, and test and measurement products.
Shares of PCTEL have gained 60% year to date.
Contact Sean at sean@proactiveinvestors.com