The acquisition of InvenSense Inc (NYSE:INVN) by TDK Corporation of InvenSense has been cleared by the necessary regulatory authorities. One of the authorities was the Committee on Foreign Investment in the United States (CFIUS) and the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has also been observed.
The company has sent out the proxy statement and related proxy materials to stockholders holding shares detailing the transaction information and related proposals. The same shall be voted at a shareholder’s special meeting scheduled to take place on May 17, 2017, at 10:00 a.m. at the Company’s corporate headquarters. The shareholders will be at liberty to approve the transaction.
InvenSense’s new 52-week high of its stocks
The company is currently holding onto $1.24 billion market cap after its shares hit a peak of $12.93 having opened at $12.89. There are mixed reactions of the company’s new 52-week high of its stocks.
A group of investors and traders feel that this is a sign of momentum and perhaps an interpretation of a signal to buy. Another faction describes it as a signal of the end of a strong run. The stock is at a float of 95.58 million shares with an average daily volume of $2.68 million.
The company’s multiple roles
InvenSense, which is based out of San Jose has many operations under its sleeve. It is not only engaged in designing but also builds up, markets and sells Micro-Electro-Mechanical Systems sensors. It is also focused on motion solutions that detect and track an object’s motion
It is one of the many components of the Russell 2000 Index, which tops the list of valuable tools that any small-cap investor requires. Russell 2000 provides an all-inclusive snapshot of the small-cap market.
All said and done InvenSense expects to close the transaction estimated to be at $1.3 billion after the special meeting. Nonetheless, the closing will also be subjected to the contentment of customary closing conditions. Meanwhile, InvenSense’s stock was trading at $12.93 witnessing an increase of $0.41 or 3.27%.