Duck Creek (NASDAQ:DCT) stock is taking off on Monday after announcing that global investment firm Vista Equity Partners plans to acquire the company for $2.6 billion.
According to a press release, Vista Equity Partners is willing to spend $19 per share in cash to take Duck Creek private. That represents a 46% premium to the closing price of DCT stock on Friday, which was the last day of trading before the offer was announced.
Duck Creek CEO Michael Jackowski said the following about the agreement:
“Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium.”
More Details of the DCT Stock Deal
Duck Creek and Vista Equity Partners still need to complete customary closing conditions for the acquisition deal. That includes getting approval from shareholders of DCT stock as well as regulators. If all goes well, the two companies expect the agreement to close in the second quarter of 2023.
Today’s news has shares of DCT seeing incredibly heavy trading as investors buy shares. As of this writing, more than 12 million shares of DCT stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 702,000 shares.
DCT stock is up 47% as of Monday afternoon.
Investors seeking more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Monday! Among that is what has shares of Brazilian stocks, Apexigen (NASDAQ:APGN) and Party City (NYSE:PRTY) stock moving today. You can read more on these matters at the links below!
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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.