Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of gambling equipment maker SHFL entertainment (NASDAQ:SHFL) soared 22% yesterday after larger rival Bally Technologies (NYSE:BYI) agreed to acquire it for about $1.3 billion.  

So what: The all-cash deal values SHFL at $23.25 per share and represents a 24% premium to its closing price on Monday. Bally is making the move to expand in key markets including Asia and Australia, and judging by its own stock's 8% surge yesterday, Mr. Market is quite pleased with the price it's paying to do it.

Now what: The deal is expected to start adding to Bally's EPS and free cash flow within one year after closing, which should be around the second quarter of 2014. "SHFL's intellectual property, renowned brands and industry-leading suite of diverse, high-performance products will enable us to offer an unparalleled offering of gaming products and services, which -- when combined with our content, technology, operational capabilities and respective geographic footprints -- will provide the most comprehensive product portfolio offered around the world," Bally CEO Ramesh Srinivasan said. So while SHFL shares are likely all popped out at this point, Bally and its expanded Western reach might be worth looking into.   

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.