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 oil and gas services company Global Industries (Nasdaq: GLBL) were hitting the rafters today, gaining as much as 52% in intraday trading on the news that it's being bought.

So what: French energy services company Technip has agreed to buy Global for $8 per share in cash, or roughly $1.1 billion in total, including Global's debt. The companies expect that the transaction will close in early 2012. This brings two major changes for Global investors. First, their shares are suddenly worth a heck of a lot more than they were on Friday. And second, they will need to find a new home for their investment dollars.

Now what: Should investors sell out now or wait for the transaction to close? I think a lot of the decision has to do with whether they have a good place to put the money. Considering Technip's financial resources -- it has $3.3 billion in cash on its books -- I don't think there should be too much concern that the deal will fall apart. So if investors hang around for the actual closing of the deal, they will pick up the last few percentage points between today's price and the $8 offer price. However, for investors that see good investment opportunities with higher returns expectations than that, it may be well worth it to sell and redeploy the capital now.

Want to keep up to date on Global Industries? Add it to your watchlist.

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.

Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.