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 Atrium Innovations (TSX:ATB) spiked today, finishing up 24% after it agreed to be acquired by private-equity group Permira Advisers.

So what: Permira and two other partners will pay C$751 million, or C$24 a share, a premium of 23% over Thursday's closing price. Permira will gain 75% ownership of the health- and nutritional-products maker, whose products include Garden of Life juice powder, while two other investor groups will take the remaining 25%. Shares of Atrium hit as high C$24.45 before closing C$24.25, indicating that investors expect the bid to go up. Shareholders have not yet approved the acquisition, but the board of directors has recommended that they do so.

Now what: Considering that four parties were involved in the process, the deal looks pretty solid, but some analysts believe Atrium could see a higher bid come in to play. Atrium will be able to solicit offers until Jan. 13, but Permira will have the opportunity to match any better bid that Atrium might receive. Atrium shares jumped to their highest level since just after its 2007 IPO, so shareholders should have reason to be pleased regardless of whether a higher bid comes.