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QUALCOMM Incorporated (QCOM) - free report >>
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Here's Why InvenSense (INVN) is Skyrocketing Today
On Friday, shares of motion-sensing chip company InvenSense Inc. are skyrocketing, up around 27% in afternoon trading on rumored acquisition talks.
Japan’s TDK Corp. is reportedly in talks to acquire InvenSense, which specializes in motion processing solutions that enable a motion-based user interface for consumer electronics. According to Reuters, who cite people familiar with the matter, TDK has offered $12 per share for InvenSense, representing a 45% premium to the company’s opening price today. However, that offer price is still only 3% above the company’s 52-week high.
InvenSense produces chips for both iPhone maker Apple Inc. (AAPL - Free Report) and Samsung . If it ends up being acquired, the chip maker would be the latest in the industry to be bought out, as consolidation and intense price conpetition are sweeping the sector. Smartphone chip maker Qualcomm Inc. (QCOM - Free Report) agreed to by NXP Semiconductors NV (NXPI - Free Report) for roughly $38 billion earlier this year.
Currently, INVN is a #4 (Sell) on the Zacks Rank, and as lost over 19% in value year-to-date.
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