Cvent soars on accepting Blackstone's $4.6 bln buyout offer
14/03/2023 12:56
** Shares of Cvent Holding Corp CVT.O jump 12.2% to $8.30
premarket vs Blackstone's takeover price of $8.50/shr in cash
** Blackstone shares BX.N up 2% at $85.15 after its $4.6
bln deal for the cloud-based event-software provider
** CVT stock has risen about 12.6% since Feb. 1, when
Reuters reported the company was exploring a sale
** Cvent rejected an $8/shr offer from Blackstone, Reuters
reported on Feb. 24
** The median price target of 5 analysts covering CVT is $8,
unchanged in past 3 months - Refinitiv data
** Cvent also posts surprise Q4 loss of 4 cents/shr vs
analysts' estimates of 6 cents/shr profit – Refinitiv
** CVT up ~37% YTD, as of last close, vs a ~34% drop in 2022
(Reporting by Yamini Kalia)
((Yamini.Kalia@thomsonreuters.com))