Stamps.com soared 65% on Friday afterThoma Bravo said it would acquire the online postage company.- Shareholders of Stamps.com will receive $330 per share, representing a 67% premium from Thursday's closing price.
- The deal ends a volatile history for Stamps.com as a public company, in which it was often the target of short-sellers.
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Shares of $4 soared as much as 65% on Friday after it agreed to be $4
Shareholders of the online postage company popular with e-commerce store owners will receive $330 per share, representing a 67% premium from Thursday's closing price of $197.72.
The deal ends a volatile history for Stamps.com as a public company. Its stock had often been the target of short-sellers, who argued that the company's deal with the US Postal Service was a significant money loser for the US government and that the contract would not be renewed.
That scenario played out in 2019, after Stamps.com $4 The stock went on to plummet more than 80% to a low of $32 in May of 2019. But a pivot from the company to work with other logistics providers like UPS, combined with a pandemic-induced surge in demand for its services, helped the stock recover all of its losses by August of 2020.
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The deal includes a 40-day "go shop" period, in which Stamps.com can search for a better acquisition offer from a different company. The deal has been approved by the board of directors of both companies and is expected to close in the third quarter