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Stock market question

By errc following x   2016 Dec 28, 7:06am 658 views   1 comments   watch   quote     share  

TDK Corporation and InvenSense, Inc. (NYSE: INVN) entered into a definitive agreement today wherein TDK agrees to acquire all of the outstanding InvenSense shares for cash at an acquisition price of USD 13.00 per InvenSense share, for a total acquisition price of USD 1.3 billion. The transaction has been unanimously approved by the Boards of Directors of both companies. Completion of the transaction is expected in second quarter of the fiscal year ending March 31, 2018, and is subject to approvals by InvenSense shareholders and the relevant regulatory authorities. The acquisition will be completed through a merger of a newly created subsidiary of TDK with and into InvenSense, with InvenSense continuing following the merger as a wholly-owned subsidiary of TDK

1 errc   2016 Dec 28, 7:10am   ↑ like (0)   ↑ dislike (0)     quote        

So when it says "subject to approval by InvenSense shareholders", what does that mean?

The stock jumped from 7 to ~11 on first news of the buyout, then up to ~13 on official news of the offer.

Seems to be hovering right around 13 now, but my question is how does something like this usually work out? Do other companies sometimes make competing bids?

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