Everbridge surges on report of potential sale

Everbridge

26/08/2022 11:58

** Shares in software company Everbridge Inc  EVBG.O  surge
19.5% to $42.75 premarket, its highest level since June 2
    ** EVBG is exploring strategic options including a sale,
Bloomberg News reported https://bloom.bg/3KpQj9R late on Thurs,
citing people with knowledge of the matter 
    ** Potential buyers could include industrial companies and
private equity firms, though co could choose to stay
independent, according to the report
    ** Co has ~39.73 mln shares outstanding worth ~$1.42 bln -
Refinitiv data
    ** Earlier this year, activist investor Ancora Holdings had
urged EVBG board to start a review of strategic alternatives and
believed a sale to a well-funded buyer could fetch shareholders
more than $70/shr
    ** Ancora Advisors holds 358,411 shares as per June 30,
whose value is ~$12.82 mln, a 13-F filing showed
    ** Four of 13 brokerages rate the stock "buy" or higher,
seven "hold" and two "sell" or lower; their median PT is $36.50
    ** Up to Thursday's close, stock has fallen ~47% YTD
compared with a ~21% decline in the NASDAQ Computer Index  .IXK 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))