Network monitoring company Endace rocketed after it announced it had received a takeover offer valuing the company at over 80m pounds.

The offer from Emulex Bidco was at a 65% premium to the closing price the day before the announcement was made.

The deal is subject to a number of conditions, including Emulex Bidco receiving acceptances for shares which confer 90% or more of the voting rights in Endace.

"[Together] we will create a new generation of network visibility solutions and take them to a global market," said Mike Riley, Endace Chief Executive.

"The combined strengths of Emulex and Endace will provide our customers with industry-leading solutions to connect, monitor and manage high-performance networks in the world's most demanding data centre environments."

Emulex said the acquisition was an opportunity to enhance its network product offering through Endace's network visibility and intelligent network recording solutions.

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Endace Ltd (EDA) share price