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 RF Micro Devices, (NASDAQ: RFMD) jumped 21% Monday after the company announced it would merge with TriQuint Semiconductor (NASDAQ: TQNT).

So what: The all-stock transaction is expected to close in the second half of this year, will create a new company with combined revenue of more than $2 billion, and should result in cost synergies of at least $150 million the first two years after closing.

Former shareholders of RF Micro and TriQuint will each own half of the combined company post-merger, and RF Micro shareholders specifically will receive one share of the new company for each share of RF Micro they already own. Upon closing, the companies will execute a one for four reverse stock split resulting in approximately 145 million shares outstanding.

Now what: To be sure, today's press release points out the merger combines two companies with largely complementary product sets, which could effectively serve to boost their prospects for supplying a larger chunk of the chips required by electronics titans like Samsung and Apple. As a result, while I wouldn't go diving in head first today, I still can't blame RF Micro Devices shareholders for hanging onto at least part of their positions even after the pop.

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Steve Symington owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple and TriQuint Semiconductor. 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.