“Duck Creek Technologies surges more than 30% after reaching takeover deal with Vista”
January 9, 2023
“Insurance tech company Duck Creek Technologies has reached a takeover deal with Vista Equity Partners, sending its stock soaring on Monday morning.
Terms of the pact call for Vista to pay $19 per share in cash, or about $2.6 billion. Shares of Duck Creek surged about 47% in early trading, moving above the offer price.
The deal is at a 46% premium to Friday’s close of $12.99. The move was first reported by CNBC’s David Faber.
The agreement still represents a big discount to the heights that Duck Creek had previously reached. Duck Creek went public in August 2020 at $27 a share, and at its high-water mark in February 2021, Duck Creek closed above $59 per share…”