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 Measurement Specialties (UNKNOWN:MEAS.DL) jumped nearly 11% Thursday after the sensor manufacturer announced it has agreed to be acquired by TE Connectivity (NYSE:TEL).

So what: TE Connectivity will acquire Measurement Specialties for $86 per share in cash, or a roughly 10% premium to yesterday's close. Including the assumption of debt, the total deal is valued at approximately $1.7 billion.

TE Connectivity CEO Tom Lynch said in a press release, "The acquisition of Measurement Specialties is a key part of our strategy to be a leader in the very attractive, high-growth sensor industry and adds nearly $40 billion to our addressable market."

Now what: Measurement Specialties is indeed growing nicely as its core market remains strong. This fiscal year, revenue is
projected to increase more than 30% year over year to $540 million, while earnings growth should follow closely behind at 26% to $2.26 per share. Shares seem reasonably valued, then, trading around three times trailing 12-month sales and just under 23 times next year's expected earnings. As a result, I can understand some shareholders' frustration that their company didn't command a higher acquisition premium. But in the end, I think investors would be wise to simply take profits and put the money to work elsewhere.