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Shares of Tibco Software (UNKNOWN:TIBX.DL) are trading roughly 21% higher this morning after it agreed to accept a buyout offer from private equity firm Vista Equity Partners.
Why it's happening
Vista's $4.3 billion offer -- which includes the assumption of Tibco's debt as well as a $3.98 billion buyout of outstanding shares -- values Tibco's shares at $24 apiece, which is roughly 2% higher than the current price of $23.60 around which shares are currently trading. The deal caps off what was a rather frenetic review of Tibco's options following activist push on Aug. 12th from Praesidium Investment Management, Tibco's sixth-largest shareholder, in search of just such a sale. The deal is expected to close in the fourth quarter.