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 cleaning and maintenance products company Zep, Inc. (UNKNOWN:ZEP.DL) jumped as much as 20.6% today after it announced it was being sold to New Mountain Capital.

So what: Zep is being sold for a total of $692 million, including debt, which equates to a price per share of $20.05. Zep may also solicit alternative proposals for 30 days, and shareholders will need to approve the acquisition as well.  

Now what: Zep's shares topped out at $20.61 today, meaning the market is expecting this bid, or an alternate bid, will eventually lead to a sale at a higher price. But it also means investors could sell today for a price higher than the one that the current agreement would pay them.

If you own shares, it might be a good idea to take some chips off the table, just in case this bid falls through altogether. But it's also possible that a stronger bid will come through in the next month, which would send the stock higher. I just think the risk of holding out for a higher price is a big risk, so lowering that risk a bit today might be wise for investors.