Perficient (NASDAQ:PRFT) stock is taking off on Monday after the digital consultancy services and solutions company announced a $3 billion acquisition deal with Swedish global investment firm EQT AB.
This has an affiliate of EQT Asia agreeing to pay $3 billion in cash for the company. That comes to $76 per share. It also represents a 75% premium over the stock’s unaffected closing price on April 29 and 51% premium to its 30-day volume-weighted average share price.
Chairman of Perficient’s board of directors, Jeffrey Davis, said the following about the deal:
“Today’s announcement is the result of a comprehensive review by the Board to maximize value for the company and its shareholders. With this agreement with EQT, we will provide our shareholders with compelling, certain cash value for their shares while continuing to support our clients in exceeding expectations, outpacing the competition, and growing their businesses.”
Investors will note that this deal takes Perficient private. That means its shares won’t trade publicly once it is complete.
Timing of the PRFT Stock Deal
Perficient and EQT Asia are expecting the deal to close by the end of the year. It already has the unanimous support of the board of directors. Now, it just needs approval from regulators and PRFT shareholders.
PRFT stock is up 52.8% as of Monday morning alongside some 252,800 shares trading hands. That’s closing in fast on its daily average trading volume of about 313,000 shares.
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On the date of publication, William White did not have (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.
