Solid Advance for Tech Stocks

Technology stocks were making up ground following last week’s declines, with shares of tech companies in the S&P 500 advancing more than 0.8%.

In company news, FairPoint Communications (FRP) raced to a 17-month high on Monday after the internet and data services company agreed to a $1.5-billion buyout proposal from Consolidated Communications (CNSL), which is offering to swap a fixed 0.73 of a Consolidated share for each Fairpoint share, valuing the target company at about $20.72 a share, nearly 22% above Friday’s closing price.

Consolidated shareholders will own more than 71% of the combined companies, which generated more than $1.5 billion in revenue during the 12 months ended Sept. 30 as well as an estimated $566 million in non-GAAP earnings before interest, taxes, depreciation and amortization over the same span.

FRP shares were up more than 12% at $19.10 after earlier reaching their best price since June 2015 at $19.50 a share. CNSL shares were declining Monday, dropping almost 4% to $27.36 apiece in recent trading after a previous slide to $26.91 a share.