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 rugged-boot specialist Timberland (NYSE: TBL) soared a staggering 42% after apparel maker V.F. Corp. (NYSE: VFC) agreed to acquire it for about $1.8 billion.

So what: The all-cash deal values Timberland at $43 per share and represents a whopping 43% premium to its closing price on Friday. V.F. is primarily making the move to boost its outdoor gear sales internationally, and judging by the stock's 11% pop today, Mr. Market seems very pleased with the strategy and purchase price.

Now what: While Timberland's upside is now limited, V.F. might be a long-term opportunity worth looking at. V.F.'s outdoor and sports segments will now account for more than 50% of its business, with management expected to add about $700 million to its top line and $0.25 in per-share earnings in 2011. Of course, for more enterprising Fools who'd rather find the next buyout winner, gains in footwear stocks such as Crocs (Nasdaq: CROX) and Finish Line (Nasdaq: FINL) suggest there could be plenty of more action in the space.

Interested in more info on Timberland? Add it to your watchlist.