logo-loader

Newport shares jump 51% after MKS snaps it up

Last updated: 03:56 24 Feb 2016 AEDT, First published: 22:56 23 Feb 2016 AEDT

shutterstock_186955388
Hoovered up for nearly $1bn in cash

Shares of Newport (NASDAQ:NEWP) jumped by 51% on Tuesday after MKS Instruments (NASDAQ:MKSI) said it would acquire the business for $897mln in cash.

Massachusetts-based MKS provides instruments that measure and control steps along the manufacturing process for products such as semiconductor devices and flat-panel displays. Californian firm Newport is also a supplier of technology products and services customers across the microelectronics, health sciences and industrial manufacturing markets.

Newport shareholders will receive $23 a share, representing a 53% premium over Monday's closing price and valuing the company at a 14-year high.

Newport shares were last seen up 51.3% at $22.75 while MKS was down 4.8% at $32.