Shares of Information Storage Devices surged after the supplier of semiconductors for voice messaging said it was considering an acquisition offer by one of its existing shareholders.
San Jose, California-based ISD closed at 7.12, up 37.35 percent today, the first business day following an announcement that Winbond International had offered to acquire all outstanding shares of ISD for $8.25 each.
"Winbond's proposal is non-binding and is subject to a number of material conditions, including the execution of definitive agreements, completion of satisfactory due diligence, waiver of ISD's shareholder rights plan," and other requirements, ISD's statement said.
Shares of ISD have been in a virtual free fall since going public in 1995, when prices generally hovered in the low 20s. Over the last year, the company has traded as high as 12.875 and as low as 4.8125.