NEW YORK (AP) -- THE ACQUISITION: IBM is purchasing employee management software maker Kenexa Corp. for approximately $1.26 billion. IBM Corp. said Monday that it will pay $46 per Kenexa share, a 42 percent premium to the previous closing price.
THE DETAILS: Kenexa's board unanimously approved the buyout. It still needs approval from the company's shareholders and regulators. The transaction is expected to close in the fourth quarter.
STOCK JUMP: The announcement sent Kenexa's stock to the highest point since it began trading in mid-2005. The shares hit $45.93 earlier in the session, its highest point since the company started trading in June 2005.