Peregrine Semiconductor Corp. jumped as much as 62 percent after Japan’s Murata Manufacturing Co. agreed to buy the company in a push to expand in the wireless market.
Peregrine, which provides technology that allows radio frequency and other digital functions on a single computer chip, agreed to be bought for $12.50 a share, a total value of $471 million including Murata’s existing stake, according to a statement by the companies. Shares of the San Diego-based firm jumped 61 percent to $12.37 at 11:10 a.m in New York after climbing as high as $12.43, poised for the biggest rally since it went public in August 2012.
The transaction will be completed by the end of 2014 or early 2015, the companies said. Murata, an electronic components maker based in Nagaokakyo, Japan, already owned 1.56 percent of Peregrine as of the end of March, according to company filings compiled by Bloomberg.