Progress Software down after co to buy ShareFile for $875 mln
09/09/2024 14:50
** Progress Software PRGS.O down ~2% to $56.51 in early
hours of trading
** PRGS says it will buy Cloud Software Group's unit
ShareFile for about $875 million
** Co will also suspend its quarterly dividend as of the
closing of the ShareFile acquisition to redirect capital toward
the repayment of debt to increase liquidity for future deals and
for share repurchases
** Burlington, Massachusetts-based Progress has a market
value of about $2.5 billion
** Including session's move stock is up ~4.2% YTD
(Reporting by Jaiveer Singh Shekhawat in Bengaluru)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))