I'm not entirely sure that the KMK news is necessarily good. What bothers me is the timing of the announcement. Friday after the close is often when companies announce bad news. I don't really know what to expect, but if an offer does come, here's what I've noticed happens on most take out bids:

If the stock trades slightly under the take out bid, it's usually a done deal and a higher bid is unlikely. I usually sell the stock on the day of the announcement because of the time value of money.

If the stock trades above the take out bid, it's probably best to hold because a higher bid is likely within a few weeks. If a higher bid does come, see where it trades - same rules apply.