Lionbridge Technologies' Stock Jumps After $360 Million Buyout Deal

Shares of Lionbridge Technologies Inc. climbed 3.4% in morning trade Monday, after the the marketing company announced an agreement to be acquired by private equity firm H.I.G. Capital in a deal valued at $360 million. Under terms of the deal, H.I.G. will pay $5.75 in cash for each Lionbridge share outstanding, which is 3.2% above Friday's closing price of $5.57. Lionbridge will have a 45-day "go-shop" period in which it can solicit other buyout bids. "Our Board of Directors believes this transaction is in the best interest of our stockholders and affirms Lionbridge's tremendous value and market-leadership," said Lionbridge Chief Executive Rory Cowan. Lionbridge's stock has rallied 17% year to date, while the S&P 500 has gained 11%.