KnowBe4 (NASDAQ:KNBE) stock is rising higher on Monday after the cybersecurity company confirmed the receipt of an acquisition offer from Vista Equity Partners.
Private investment firm Vista Equity Partners is seeking to acquire all outstanding shares of KNBE stock. This has it offering $24 per share in cash. That represents an almost 39% premium to the stock’s closing price last Friday.
Investors will note that this is a non-binding agreement proposal. KnowBe4’s board will go over the offer and created special committee to “carefully review” the proposal and “other potential value creation opportunities.” This group is made up only of the board’s independent directors.
KNBE Is Reviewing the Offer
KnowBe4 says that it will take the action that’s in the best interest of the company and holders of KNBE stock. The company also says it won’t provide any further comment on the offer until the special committee completes its review of the propsoal from Vista Equity Partners.
Today’s news has excited shareholders of KNBE stock with heavy trading taking place on Monday. As of this writing, more than 6 million shares have changed hands. That’s a massive leap over the daily average trading volume of about 918,000 shares.
KNBE stock is up 29% as of Monday afternoon.
Investors seeking out all of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about for Monday! That includes what short squeeze stocks to watch this week, an upgrade for Netflix (NASDAQ:NFLX) stock and an upcoming catalyst for Xpeng (NYSE:XPEV) shares. You can catch up on all of this news at the following links!
More Monday Stock Market News
- NRBO, FAZE: The Top 5 Short Squeeze Stocks to Watch This Week
- Oppenheimer Upgrades Netflix (NFLX) Stock Following New Ad-Tier Plans
- Dear XPEV Stock Fans, Mark Your Calendars for Sept. 21
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
