Computer Consoles Inc., a Massachusetts-based company with a large division in Irvine, has agreed to be acquired for $168.4 million by a large British computer concern.
STC, a London-based firm with revenue of $3.6 billion, has offered to pay $12.80 per share for all Computer Consoles common shares outstanding.
News of the offer sent Computer Consoles stock soaring 53% Monday to close at $12.25 per share, up $4.25 in active trading on the American Stock Exchange.
Computer Consoles' Computer Products Division is headquartered in Irvine and employs more than 350 people. The division, which manufactures mid-size business computers, accounted for slightly less than half of the company's $148 million in revenue last year. The Waltham, Mass., firm also produces communications systems and business software.
A Computer Consoles spokeswoman said she was unsure what effect, if any, the merger would have on the firm's Irvine employees.
STC is a supplier of computers, office systems, communications equipment and software for business and government customers.
Computer Consoles said its board has unanimously approved the STC offer and has recommended that its stockholders tender their shares to STC.