Network technology provider Tekelec agreed to be bought by a private equity group led by Siris Capital for about $780 million in cash.The consortium will pay $11 per share, 11 percent more than Tekelec's Friday close of $9.90. The shares have leapt 32 percent since Oct. 19, when the company announced its largest ever order and gave a strong forecast for the third quarter.Tekelec, which had an annual revenue of $424 million in 2010, helps phone companies enable services such as text messaging and its customers include most of the top carriers in the United States.Separately, the company posted third-quarter adjusted profit ahead of Wall Street estimates and forecast 2011 mostly in line with analysts' expectations. .
Tekelec is a provider of core network solutions. The Company?s solutions help enable billions of people and devices to talk, text, and access the Web. Shares of TKLC remained unchanged at $9.90. In the past year, the shares have traded as low as $5.68 and as high as $13.98. On average, 1088370 shares of TKLC exchange hands on a given day and today's volume is recorded at 800.
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