The Siris Capital-led private equity takeover of network technology provider Tekelec could attract other suitors, as the $780 million deal potentially undervalues the company's new router product line.

Shares of the Morrisville, North Carolina-based company rose 13 percent to $11.18 -- above the offer price of $11 per share -- on Monday on Nasdaq.

Tekelec, which helps phone companies enable text messaging and other services, is shifting its focus to data- and video-focused businesses on 3G and Long-Term Evolution (LTE) networks.

The valuation (of the deal) is slightly skewed and there isn't enough accounting for the growth of the newer products. It has been addressed, but not addressed enough, Northland Capital Markets analyst Catharine Trebnick told Reuters.

Tekelec's new diameter signal router business, which helps phone companies manage services and applications on 3G and all-IP LTE networks, is growing 45 percent annually, she said.

I definitely think that their next generation product line is very valuable and there might be other competitors who want to look at that, she said.

But the fact that the company gets 85 percent of its revenue from its legacy business could also be a turn-off, she said.

Tekelec's legacy global signaling business, which helps carriers manage voice calls on their networks, has been slowing.

Orders dropped 16 percent across the global signaling and broadband network businesses in the third quarter.

Trebnick also said the private equity group -- including affiliates of ComVest Group, GSO Capital Partners LP, Sankaty Advisors LLC and ZelnickMedia -- could split the company after the acquisition.

Siris Capital was spun off in February from private equity group SAC Capital -- the Steven Cohen-owned fund being examined by the U.S. Securities and Exchange Commission in connection with insider trading.

The investor group has secured committed financing, consisting of a combination of equity and debt financing, Tekelec said in a statement.

Tekelec's management team is expected to remain in place, and Merle Gilmore, former president of Motorola's Communications Enterprise and chairman of the board of Airvana Network Solutions Inc, will become executive chairman of Tekelec after the deal closes, likely in the first quarter of 2012.

Goldman Sachs is acting as financial adviser to Tekelec. Perella Weinberg Partners and Macquarie Capital are serving as financial advisers to the consortium.

(Reporting by Supantha Mukherjee and Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty and Don Sebastian)