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Apple buying AuthenTec for $356 million

1:02 PM, Jul 27, 2012   |    comments
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NEW YORK -- 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.

Associated Press

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