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 flash-based storage specialist SMART Modular Technologies (Nasdaq: SMOD) were performing at peak capacity today, jumping as much as 14.3% on about 30 times its average trading volume. Yeah, you read that right.

So what: The private-equity titans of Silver Lake Partners is taking SMART off the market in a $645 million deal. That leaves about 10% of wiggle room between today's prices and Silver Lake's bid.

Now what: You know, I was expecting a bid for SMART Modular -- but it should have come from hard drive maker Western Digital (NYSE: WDC) rather than an opportunistic private-equity firm. Then again, SMART says it will entertain competing offers through June 9, so perhaps a bidding war is a-brewing here. Western Digital could use SMART's technology to future-proof its traditionalist product portfolio, much like how  Seagate (Nasdaq: STX) is doing in a cross-licensing deal with Samsung.

Interested in more info on SMART Modular Technologies? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of Western Digital. 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 is investors writing for investors.