Engagesmart Stock Is Soaring Today - Here's Why
Portfolio Pulse from Lekha Gupta
Engagesmart Inc (NYSE:ESMT) shares are trading higher by over 10% after the company announced a deal to be acquired by Vista Equity Partners for around $4.0 billion or $23 per share in an all-cash transaction. The purchase price represents a premium of about 23% to the unaffected closing price of ESMT's shares on October 4, 2023. The transaction is expected to be completed in Q1 2024.
October 23, 2023 | 2:25 pm
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Engagesmart Inc's stock price is likely to increase in the short term due to the acquisition announcement by Vista Equity Partners at a premium price.
The acquisition announcement by Vista Equity Partners at a premium price is a positive news for Engagesmart Inc's shareholders as they will receive $23.00 per share in cash upon completion of the deal. This has led to a surge in the company's stock price by over 10%. The transaction is expected to be completed in Q1 2024, which could keep the stock price elevated in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100