Attunity Ltd (NASDAQ: ATTU) is halted in the pre-market this morning, and for a while, investors were wondering why. However, minutes ago, we found out, and it’s great news!
The company announced through a press release that it will be acquired by Qlik. Today, we’ll talk about:
- The acquisition news;
- the halt;
- and what we’ll be watching for with regard to ATTU stock ahead.
ATTU Announces Acquisition News
As mentioned above, Attunity is having a great day in the market today after announcing acquisition news. In a press release issued minutes ago, the company said that it would be acquired by Qlik.
According to the release, the two companies have entered into a definitive agreement surrounding the acquisition. Through the transaction, Qlik qill acquire ATTU for about $560 million.
The price works out to a per share value of about $23.50. That works out to a premium of 18% over the company’s closing price yesterday, February 20, 2019.
In the release, the company said that the transaction has been unanimously approved by the Boards of Directors of both companies.
In a statement, Mike Capone, CEO at Qlik, had the following to offer:
Attunity’s strength in real-time data delivery across complex cloud environments will uniquely position Qlik to help customers lead with data and align their enterprise analytics strategy. Attunity has demonstrated strong growth in a large market and together we’re better positioned to serve our enterprise customers along with our partner ecosystem to solve the most challenging data problems.
The above statement was followed up by Shimon Alon, Chairman and CEO at ATTU. Here’s what he had to say:
We are excited to be joining Qlik, combining our data integration and big data management capabilities with the analytics leader to accelerate our success. We believe the transaction is in the best interest of Attunity’s stakeholders and provides Attunity with additional awareness and scale to execute our strategic plans as we continue to provide our customers with the premier products and services they have come to expect.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Attunity, the news proved to be overwehlmingly positive. After all, the acquisition comes at a strong premium to the current price of shares.
Mind you, that current price is still $19.93 as the stock was halted pre-market. However, when trading opens back up, likely relatively soon, we’re expecting to see the stock explode to the price of the acquisition.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ATTU. In particular, we’re interested in following the acquisition. While the transaction has been unanimously approved by both companies, it is still subject to customary closing conditions. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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