Archive Stock Jumps Following Agreement: Archive Corp.’s...

Archive Stock Jumps Following Agreement: Archive Corp.’s stock jumped more than 50% Friday following the computer tape-drive maker’s announcement that it has agreed to be acquired by Conner Peripherals Inc. for $210.4 million in cash.

Archive shares climbed $3.75 apiece to $10.50 on the NASDAQ market. Conner, a leading producer of disk drives, said on Thursday it will buy Archive at $11.25 a share.

Analysts say that Archive’s shares had been artificially depressed since the company announced that it was planning a new stock offering. That has been canceled pending Archive’s sale. Conner’s stock rose 25 cents a share to close at $18.75 in trading Friday on the New York Stock Exchange.