Avid Technology Enters into Definitive Agreement To Be Acquired By An Affiliate Of STG For $1.4B; Stockholders to Receive $27.05 Per Share In Cash
Portfolio Pulse from Happy Mohamed
Avid Technology (NASDAQ:AVID) has announced a definitive agreement to be acquired by an affiliate of Symphony Technology Group (STG) in an all-cash transaction valued at approximately $1.4 billion. Avid stockholders will receive $27.05 in cash for each share, a 32.1% premium over the company's unaffected closing share price on May 23, 2023. The transaction is expected to close in Q4 2023, subject to stockholder and regulatory approvals. Upon completion, Avid will become a privately-held company and its common stock will no longer be traded on Nasdaq.
August 09, 2023 | 8:55 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Avid Technology is to be acquired by STG for $1.4B. Stockholders will receive $27.05 per share, a 32.1% premium. The company will become privately-held post-acquisition.
The acquisition news is directly related to Avid Technology and will have a significant impact on its stock price. The premium price offered for the shares indicates a positive short-term impact. However, as the company will become privately-held post-acquisition, its stock will no longer be traded on Nasdaq, which will end its public market presence.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100