Apple buying AuthenTec for about $356 million

July 27, 2012 11:44:00 AM PDT
Apple has agreed to buy fingerprint reader AuthenTec Inc. for approximately $356 million as the company known for iPhones and iPads looks to strengthen its digital security capabilities.

Apple disclosed in a regulatory filing that it will pay $8 for each share of AuthenTec, a 58 percent premium to thei closing price on Thursday.

AuthenTec's stock jumped $3.30, or 65 percent, to $8.37 in Friday afternoon trading - above the offered price.

The transaction was unanimously approved by AuthenTec's board. It still requires approval from a majority of the holders of AuthenTec stock. AuthenTec currently has about 44.5 million outstanding shares, according to FactSet.

Shares of Apple Inc., based in Cupertino, Calif., gained $4.70 to $579.58.