What happened
Stamps.com (STMP) shareholders had a great July, with the stock rocketing higher by 63% compared to the 2.3% increase in the broader market, according to data provided by S&P Global Market Intelligence.
Shares had been trailing the S&P 500 early in the month, but that all changed when news broke that the online shipping solutions giant had agreed to be purchased.
Image source: Getty Images.
So what
The acquisition announcement came before the market opened on July 9 and spurred an over 60% increase in the share price on that day. Stamps.com closed a deal with investment firm Thoma Bravo that values the company at $6.6 billion, or roughly $330 per share.
"The e-commerce landscape is rapidly evolving," an executive at the firm said in a press release, "and we look forward with the Stamps.com team to continue building on the company's leading position."
Now what
Stamps.com could still be purchased at a higher price. Its agreement allows management to shop around for higher bids until Aug. 18, in fact. But Wall Street seems confident that the deal will go through under the initial conditions, with the current share price hovering just below the $330 per share level.
That tiny gap should disappear as we approach the closing date of the transaction, likely before the end of September.
