IDT Inc. To Buy GigPeak Inc. For $250 Million All-cash Deal

IDT Inc. said late Monday it has agreed to buy GigPeak Inc. for $3.08 a share, or about $250 million in cash. That would represent a premium of 22% to GigPeak's stock closing price on Friday, the companies said in a statement. That acquisition would provide IDT with a "highly regarded" optical interconnect product and technology business that is complementary to IDT's real-time interconnect products, the companies said. Shares of IDT fell 3% in late trading after ending the regular session down 0.7%. GigPeak's shares rose 12% after hours; the stock ended the regular session up 7.5%.