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Shares of AVX Corporation (NYSE: AVX) took off like a rocket in Wednesday trading after it was revealed that Japanese electronics conglomerate Kyocera Corporation(OTC: KYOCF) wants to acquire it.
Kyocera already owns approximately 72% of AVX stock and now wants to buy the remainder. Shares of AVX, which makes electronic components for the automotive, telecom, and semiconductor industries, are up 34.7% as of 10 a.m. EST.