Spirent Communications (LSE:SPT) plc shares shot up 58% on Tuesday to match the premium placed on the FTSE 250-listed company from a takeover bid from Viavi.
Spirent’s board has agreed to the 175p per share offer, which places a £1 billion valuation on the company, representing a 61.4% premium to Monday’s closing price.
The offer was "fair and reasonable” said the statement and is expected to close in the second half of 2024.
Shares were trading at 171.3p as of 9.15 am.