iPhone maker to strengthen digital security

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Reuters

Apple's shares have languished below $600 since November 2012.

New York - Apple has agreed to buy fingerprint reader AuthenTec 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 (about R60) for each share of AuthenTec, a 58 percent premium to their 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, based in Cupertino, California, gained $4.70 to $579.58. - Sapa-AP

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