Everbridge shares shoot up after Thoma Bravo lifts offer price

Everbridge

01/03/2024 14:56

** Shares of software firm Everbridge Inc  EVBG.O  rise
24.1% to $35.08, hitting highest levels in last twelve months
    ** Thoma Bravo increases offer price for EVBG by $6.40 per
share in cash, valuing the software firm at about $1.8 bln
    ** The U.S. private equity firm will pay Everbridge
shareholders $35/share, reflecting a premium of about 47% on the
stock; compares with Thoma Bravo's previous bid of $28.60 
    ** Everbridge to go private after the deal closes, which is
expected in Q2
     ** Co to continue to operate under the Everbridge name and
brand
    ** The original merger agreement announced in February
included a "go-shop" period in which the Everbridge board could
initiate and solicit other proposals
    ** 9 of 9 brokerages rate the stock "hold"; their median PT
is $25 - LSEG
    ** Including session's gains, stock has risen 45% YTD;
compared with a near 18% decline in 2023

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com;))