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 PetroLogistics LP (NYSE: PDH) jumped 10% today after agreeing to be bought out.

So what: Flint Hills Resources, LLC, which is a subsidiary of Koch Industries, is buying PetroLogistics for $14.00 per share, or about $2.1 billion. This was a tiny premium from yesterday's closing price of $12.93, and with shares trading higher than $14, the market clearly thinks the deal will be sweetened. 

Now what: The 8% premium is very small, and I wouldn't be surprised if the price was increased; but that's a risky bet today. Also, keep in mind that distributions will keep coming to investors until the deal closes, which is part of the apparent premium. It's probably worth at least taking some chips off the table today in case the buyout falls through, while keeping some exposure in case of a better offer.