Coupa Software Inc (NASDAQ: COUP) opened more than 25% up this morning after Thoma Bravo confirmed that it will buy the business software company for $8.0 billion.
Coupa to go private upon completion of this deal
The all-cash agreement translates to $81 a share – a 30% premium on the price at which “COUP” closed its previous session. Coupa Software has already received unanimous approval for this transaction from its board of directors.
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The deal will close by June of 2023 as long as it satisfies customary closing conditions, including regulatory and shareholder approvals. In the press release, Roger Siboni – the Lead Independent Director at Coupa Software said:
Board is unanimous in its belief this transaction is the optimal path forward and in the best interest of our shareholders.
Coupa stock will be delisted from the Nasdaq Stock Exchange once this acquisition is complete.
Coupa stock up on strong fiscal third-quarter results
Part of the reason why this tech stock is booming today is the company’s financial results for the third quarter that came in better than Street estimates.
- Lost $84.68 million versus the year-ago $91.2 million
- Per-share loss also narrowed from $1.23 to $1.11
- On an adjusted basis, EPS came in at $15 cents
- Revenue went up 17% year-on-year to $217.3 million
- Consensus was 10 cents a share on $213.4 million revenue
Other notable figures in the earnings report include subscription calculated billings of $206 million and adjusted free cash flow of $66 million. Despite the sharp surge, Coupa stock is still down more than 50% versus the start of 2022.
Source: https://invezz.com/news/2022/12/12/coupa-stock-shoots-up-on-buyout-deal/