Dayforce (NYSE:DAY) shares gained 2.7% Wednesday morning after the human capital management company confirmed it is in “advanced discussions” with private equity firm Thoma Bravo about a potential buyout.
The company disclosed it is negotiating a go-private transaction at a proposed price of US$70 per share. The announcement follows a Bloomberg report earlier this week that fueled a 28% jump in Dayforce shares on takeover speculation.
In its statement, Dayforce cautioned that “there can be no assurances as to whether an agreement for a transaction will be reached or as to the price or terms of any such transaction.” The firm also said it does not plan to issue further updates unless required to do so.
Dayforce, which trades on both the New York and Toronto stock exchanges, provides human capital management software aimed at enhancing employee experiences. A potential deal with Thoma Bravo, a leading private equity firm with a strong focus on technology, would mark another significant take-private transaction in the software industry.
The company did not give a timeline for when negotiations may conclude or when a definitive agreement could be finalized
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