Why Absolute Software Stock Zoomed 33% Today
Absolute Software (NASDAQ: ABST) will soon cease to be publicly traded in its current form, and investors reacted very happily to the news today. The Canadian company's stock blasted almost 33% higher as a result, in very sharp contrast to the 0.2% slump of the S 500 index on Thursday.
Absolute is being acquired by investment firm Crosspoint Capital Partners, which is buying the cybersecurity specialist for $11.50 per common share. The transaction will be effected in cash, and the deal is valued at $870 million, inclusive of Absolute's debt.
Not coincidentally, investors traded up the stock to nearly that $11.50 level just after the buyout was announced.
Source Fool.com
