When it comes to LipmanElectronic Engineering (NASDAQ:LPMA), I feel a little snake-bitten. When I had some free money in my account, the stock seemed a little too expensive. When the stock got cheap, I never seemed to have the money free to buy up shares. Alas, that's all for naught now, because VeriFoneHoldings (NYSE:PAY) has come in with an agreement to buy out this Israeli player in the point-of-sale transaction equipment business.

The specifics of the deal are a bit convoluted, because Lipman shareholders can choose one of three forms of payment for their shares. Subject to certain restrictions and limitations, Lipman investors can choose among all cash in the amount of $29.07 a share; a half-share of VeriFone stock and $14.304 in cash; or all stock in the form of 0.9844 VeriFone shares for each Lipman share. Based on Friday's closing prices, VeriFone was initially offering about $29 a share for Lipman. Given the stock component to the deal, though, and the sharp increase in VeriFone's shares on Monday since the announcement, the actual value for Lipman shares is now above $30.

Because acquiring companies's shares often fall when deals are announced, I think it's fair to say that Monday's market reaction is a positive vote on both the logic of the deal and the price paid. Lipman shareholders may balk at what seems like a modest premium to Friday's closing price, but it's fair to remember that there had been rumors of a deal for a little while, and the stock had most likely moved up partly because of those rumors.

So what will the combined company look like? Both are fast-growing players in the market for point-of-sale terminals -- those things that you swipe your credit/debit cards through -- and some of the infrastructure behind it. Lipman, in particular, is known for its wireless technology and its success in penetrating emerging markets like Brazil, India, and China. That should be a good match for VeriFone's position in wired businesses, both in the U.S. and abroad.

For me, Lipman is just another example of the investing truism that you can't wait forever to buy the stock of a growing company that you believe has a real edge in its market. I'm not saying that you should rush due diligence or buy simply out of the fear of being left behind. But I am saying that quality companies and stocks don't just sit out there forever: There are too many smart people in the market for $10 bills to be left unplucked on the sidewalks of Wall Street.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).