Shares of Kofax Ltd. soared 36% in after-hours trade Tuesday, after the software company agreed to be acquired by Lexmark International in a deal valued at $1 billion. Under terms of the deal, Lexmark will $11 in cash for each Kofax share, which represents a 47% premium to Tuesday's closing price of $7.50, and is 17% above the June 16, 2014 record closing high of $9.39. The deal, which Lexmark said will be funded with its non-U.S. cash on hand and its existing credit facility, is expected to close in the second quarter of 2015. "The acquisition of Kofax enhances our best-in-class offerings so our customers can capture, manage, access, and act upon their information more efficiently, and extends Lexmark into the high-growth smart process applications market," said Lexmark Chief Executive Paul Rooke. Lexmark's stock, which was up 1.8% in after-hours trade, has slipped 1.2% year to date through Tuesday's close, while the S&P 500 has gained 1.6%.
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