Semtech Corp. (SMTC) announced after the bell Monday that it agreed to acquire all of the outstanding shares of Gennum Corp. for approximately $494 million. Semtech's management expects that the acquisition will be accretive to non-GAAP EPS by more than $0.20 in fiscal year 2013 and more than $0.40 in fiscal year 2014.
Semtech Corp. gapped up at the open Tuesday and climbed throughout the first 2 hours of trade. The stock finished higher by 2.25 at $29.14, with volume at a 5-month high. Semtech closed challenging resistance at the highs of the year, trading at an 8-month high.
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