Post by highskier on Mar 14, 2023 15:59:25 GMT
Synchronoss Gets Takeover Offer From B. Riley At 44% Premium
Anusuya Lahiri
Anusuya Lahiri
Mon, March 13, 2023 at 12:58 PM EDT
Synchronoss Technologies, Inc (NASDAQ: SNCR) confirmed that on March 10, 2023, it received a non-binding proposal from B. Riley Financial, Inc (NASDAQ: RILY) to acquire all outstanding shares for $1.15 per share, payable in cash.
Synchronoss shares closed at $0.80 on March 10, implying a takeover premium of 43.8%.
B. Riley owns a 13.9% stake in Synchronoss and is the company's largest holder. B. Riley also nominated one of the company's directors.
During 2022, Synchronoss hired UBS Securities, LLC to assist in exploring and evaluating potential strategic transactions involving the company or certain of its lines of business.
B. Riley held $268.6 million in cash and equivalents as of Dec. 31, 2022.
Last week, Synchronoss reported a 17% year-on-year revenue decline to $61.6 million, missing the consensus of $65.2 million.
Adjusted EPS loss of $(0.08) missed the consensus of $0.06.
Price Actions: SNCR shares traded higher by 13.75% at $0.91, and RILY shares traded lower by 6.58% at $29.97 on the last check Monday.
Synchronoss shares closed at $0.80 on March 10, implying a takeover premium of 43.8%.
B. Riley owns a 13.9% stake in Synchronoss and is the company's largest holder. B. Riley also nominated one of the company's directors.
During 2022, Synchronoss hired UBS Securities, LLC to assist in exploring and evaluating potential strategic transactions involving the company or certain of its lines of business.
B. Riley held $268.6 million in cash and equivalents as of Dec. 31, 2022.
Last week, Synchronoss reported a 17% year-on-year revenue decline to $61.6 million, missing the consensus of $65.2 million.
Adjusted EPS loss of $(0.08) missed the consensus of $0.06.
Price Actions: SNCR shares traded higher by 13.75% at $0.91, and RILY shares traded lower by 6.58% at $29.97 on the last check Monday.