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 engineering service provider Michael Baker (UNKNOWN:BKR.DL) jumped 36% today after agreeing to a buyout.

So what: Integrated Mission Solutions is buying the company for $40.50 per share for a total purchase price of about $391.6 million. The deal is all cash, and the company's plan is to keep Baker's brand and staff in place.  

Now what: Shares are trading within pennies of the buyout price, and taking at least a little bit of profit off the table is wise today. From time to time, buyouts can fall through, and the premium gained on a day like today can be lost. Given the massive premium, it's also not likely the offer will be increased in the future.

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