Kofax Ltd. (KFX) announced after the close Tuesday that it agreed to be acquired by Lexmark International (LXK) for $11.00 per share in cash, or approximately $1 billion.
Kofax gapped open dramatically higher Wednesday, but moved in a narrow range throughout the session. The stock closed up by 3.45 at $10.95 on the highest volume of the year. Kofax vaulted to a new high for the year.
Lexmark also gapped open sharply higher Wednesday, but traded in a range for the bulk of the session. The stock finished higher by 2.48 at $43.27, with volume at an 11-month high. Lexmark jumped to a 1-month high.
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