Stock Alert: Maxim Integrated Hits New 52-week High On Acquisition By Analog Devices

(RTTNews) - Shares of Maxim Integrated Products, Inc. (MXIM) are climbing more than 12 percent or $7.97 in Monday's morning trade at $72.06, after earlier touching a new 52-week high of $72.84.

Monday, semiconductor makers Analog Devices, Inc. (ADI) and Maxim said they have entered into a definitive agreement under which ADI will acquire Maxim in an all-stock transaction that values the combined enterprise at over $68 billion. The transaction is expected to close in the summer of 2021.

Separately, San Jose, California-based Maxim also said it now expects net revenue for the fourth quarter to be about $545 million, compared to its prior guidance range of $480 million to $540 million. On average, analysts polled by Thomson Reuters have a consensus revenue estimate of $511.23 million for the quarter. Analysts' estimates typically exclude special items.

Maxim has traded in a range of $41.93 to $72.84 in the past 52 weeks.