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 Edwards Group (UNKNOWN:EVAC.DL) soared 18% today after Swedish engineering group Atlas Copco agreed to acquire the British technology firm for up to $1.6 billion.

So what: The deal values Edwards at $10.50 per share -- $9.50 initially and up to $1.25 after closing if Edwards hits specific financial targets -- representing a premium of about 24% to its closing price on Friday. Atlas shares have underperformed in 2013 due to its exposure to the weak mining industry, but the Edwards investment should help management smooth out the volatile swings in resource prices.

Now what: The transaction is expected to close in the first quarter of 2014. "Edwards is a technology leader with a well-developed structure and solid customer relationships in industries we know well," said Atlas Copco CEO Ronnie Leten. "It is a great fit for Atlas Copco." So while Edwards is likely all popped out that this point, Fools might want to look into other small industrial machinery plays like Flowserve and ITT for some value.