Japan-based TDK is purchasing InvenSense (INVN) , a sensor manufacturer for Apple (AAPL) products, in a cash deal valued at $1.3 billion, or $13 a share. This represents a 20% premium to InvenSense's closing stock price of $10.84 on Tuesday. InvenSense technology is responsible for readjusting a user's screen when they turn his or her smartphone. "This acquisition is a fundamental element in TDK's strategy to provide unique and high-value-added products and services in IoT," said TDK's President and CEO Shigenao Ishiguro in a press release. "We aim to become a strong player in the sensor business with InvenSense as our perfect partner."
More from Video
Breaking down an approach to the long side of this biotech stock.
AMSC CEO discusses that and China challenges.
One of pharma's biggest CEO's talks M&A action on the exchange.
Citi overcame a mixed print to send its stock surging on Monday.