Apple buying AuthenTec for about $356 million
NEW YORK (AP) - July 27, 2012 (WPVI) -- Apple has agreed to buy fingerprint reader AuthenTec Inc. for approximately $356 million as the company known for iPhones and iPads looks to strengthen its digital security capabilities.
Apple disclosed in a regulatory filing that it will pay $8 for each share of AuthenTec, a 58 percent premium to thei closing price on Thursday.
AuthenTec's stock jumped $3.30, or 65 percent, to $8.37 in Friday afternoon trading - above the offered price.
The transaction was unanimously approved by AuthenTec's board. It still requires approval from a majority of the holders of AuthenTec stock. AuthenTec currently has about 44.5 million outstanding shares, according to FactSet.
Shares of Apple Inc., based in Cupertino, Calif., gained $4.70 to $579.58.
ipod, ipad, iphone, apple, business/finance
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