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: Radiant Systems (Nasdaq: RADS) popped a whopping 32% in intraday trading today after NCR (NYSE: NCR) announced that the two companies have agreed to a takeover of Radiant by NCR.

So what: Both companies' boards have approved the deal at $28 per share, a total of $1.2 billion. Yesterday, Radiant stock closed at $21.45.  The deal is expected to close during the third quarter.

Now what: It's an unusually large acquisition for NCR, which plans to issue $1.1 billion of new debt to finance the purchase. The two companies are in related businesses, which helps reduce deal risk. NCR's automated checkout products include ATMs and self-check-in airport kiosks and Radiant provides site management solutions for restaurants, retailers, and entertainment venues.

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