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 Aeroflex (UNKNOWN:ARX.DL) surged 25% today after British aerospace and defense supplier Cobham agreed to acquire the microelectronics specialist for about $920 million.

So what: The all-cash deal values Aeroflex at $10.50 per share and represents a premium of 26% to its Monday closing price. Cobham is making the move to gain exposure to fast-growing markets that need more data, connectivity, and bandwidth, with the deal expected to be significantly accretive to its underlying earnings in 2015.

Now what: The transaction, which is subject to regulatory approvals and customary closing conditions, should close in the third quarter of 2014. "This all-cash, premium transaction provides significant and immediate value to our stockholders," said Aeroflex CEO Len Borow in a press release. "We believe Aeroflex and Cobham are a natural fit and that Aeroflex will benefit from the larger scale, market presence, and resources of the combined organization. We look forward to working with Cobham to ensure a seamless integration for our teams and customers around the world." So while Aeroflex shares are likely all popped out at this point, other small caps in the radio frequency space might be worth looking into for some healthy hidden value.

Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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. The Motley Fool has a disclosure policy.