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Hifn is trading at $3.66 at about 9:15 am Eastern Time, compared to Monday's close of $2.39. The advance more than reverses a recent decline and takes the stock to its highest level since September.
On Monday evening, Exar said that it has agreed to buy Hifn, which makes networking and storage technologies, in a cash and stock transaction valued at $59 million.
The consideration will be paid either in a combination of 0.3529 shares of Exar common stock and $1.60 in cash, or as $4.00 in cash. The transaction is anticipated to close early in the second calendar quarter of 2009.
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