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 Limelight Network (NASDAQ:LLNW) rose 11% Monday after the company rebuffed an unsolicited acquisition offer from what it calls a "questionable source."

So what: In a press release dated yesterday, Limelight announced it received the offer on Friday from privately held Tuition Build, Specifically, Tuition Build proposed to purchase and take private Limelight Networks for $644.7 million, or $6.55 per share -- a massive premium over the stock's current price of just $3.00 per share.

However, based on Limelight's subsequent inquiries to and independent investigations of Tuition Build, Limelight states its "management has concluded that Tuition Build does not have the experience, credentials, financial resources, or capability to complete the proposed transaction, and that Tuition Build's stated interest in acquiring Limelight Networks is not an actionable proposal." Unsurprisingly, Limelight suggests disregarding the offer.

Now what: Such an acquisition would have been great news for Limelight investors, who have already enjoyed a 52% rise in share price so far this year. Much of those gains game over the last month thanks both to significant insider stock purchases and a favorable Supreme Court ruling in a years-long patent infringement case. Even so, keep in mind Limelight is not only losing its largest customer, but also isn't expected to turn a profit anytime in the near-future. For now, that's why I still prefer watching Limelight Networks from the sidelines.

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