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Ellie Mae News: ELLI Stock Skyrockets on $3.7B Thoma Bravo Deal

Recent Ellie Mae news about a deal with private equity firm Thoma Bravo has ELLI stock soaring today.

Ellie Mae News: ELLI Stock Skyrockets on $3.7B Thoma Bravo DealEllie Mae (NYSE:ELLI) says that it has entered into an agreement with Thoma Brave that will have it being acquired by the firm. The deal between the two companies values Elli Mae at roughly $3.7 billion.

The deal will have Thoma Brave paying $99 for each share of ELLI stock. That’s some good Ellie Mae news for investors. It represents a 47% premium to the stock’s 30-day average closing share price. It is also a 49% premium to the stock’s 60-day average closing price as of Feb. 1, 2019.

The Ellie Mae news comes alongside the company’s Board of Directors advising ELLI stock holders to vote in favor of the deal. The Board has also given its unanimous approval to the deal with Thoma Bravo.

Ellie Mae notes that the company will continue to operate out of its current headquarters in Pleasanton, Calif., once the deal is complete. It will also still operate its regional offices that are spread around the U.S.

Ellie Mae and Thoma Bravo are expecting the deal to close during the second or third quarter of 2019. Before this, its needs approval from shareholders and regulators, as well as completing other customary closing conditions.

The deal between Ellie Mae and Thoma Bravo also includes a 35 day “go-shop” period. This allows ELLI to seek and negotiate possible deals with other companies before closing on its deal with the private equity firm.

ELLI stock was up 20% as of noon Tuesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/02/ellie-mae-news-sends-elli-stock-soaring/.

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