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: SRA International (Nasdaq: SRX) popped 10% in intraday trading today after announcing it had agreed to a buyout offer.

So what: Providence Equity Partners has offered $1.88 billion to take SRA International private. Stockholders will receive $31.25 in cash for each share, at 10.2% premium over yesterday's closing price.

Now what: The company has been considered a buyout target for months and the stock popped in January. Several lawsuits have already been filed claiming the company did not adequately shop itself around, which is fairly standard. The lawsuits and the modest deal premium over yesterday's close support the possibility of a higher bid for the company.

Interested in more info on SRA International? Add it to your watchlist by clicking here.