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 Cbeyond (NASDAQ:CBEY) soared 38% today after Birch Communications agreed to acquire the technology and communications equipment provider for about $323 million.

So what: The all-cash deal values Cbeyond at $9.97 to $10 per share -- the exact amount will depend on stock transactions relating to previously granted stock awards to employees -- and represents about 41% worth of upside to Thursday's close. The news comes five months after Cbeyond announced that it was considering strategic options, suggesting that today's decision to sell was the best value-unlocking move that its board of directors could make.

Now what: The boards of both Cbeyond and Birch unanimously approved the transaction, which is expected to close within six months. "After a thorough six-month strategic review process in which we evaluated a wide range of alternatives in addition to a sale, the Cbeyond board of directors determined that this all-cash transaction with Birch maximizes stockholder value through an attractive premium," said Cbeyond founder, Chairman, and CEO James Geiger in a press release. "We have been strengthening the Cbeyond franchise with our 2.0 transformation; the wider reach with Birch enables the combined companies to increase service levels with a broad array of products to a larger number of customers." So while Cbeyond shares are all popped out at this point, other small caps in the sector might be worth looking into for some juicy hidden value.

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