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Why Linear Technology Was Next in Line

Now here's something you don't see that often: a takeover target with several "sell" recommendations.

The chart you're looking at above is for Linear Technology, a manufacturer of analog integrated circuits. On Tuesday afternoon, my Bloomberg News colleagues broke the news that Linear was in advanced talks to sell itself to Analog Devices, a deal which the companies formally announced shortly thereafter. Analog has agreed to pay $46 in cash and 0.2321 of its own shares for each Linear share, which equates to a total offer of about $60 apiece, or $14.8 billion. (Linear also has a $1.4 billion net cash position, which shrinks the perceived deal...