Bottomline Tech Shares Soar On Thoma Bravo Takeover Offer At 42% Premium

Software investment firm Thoma Bravo agreed to acquire financial technology provider Bottomline Technologies Inc EPAY in an all-cash transaction valuing Bottomline at $2.6 billion.

• The purchase price of $57 per share represents a premium of 42% to Bottomline's closing price on October 19, the last full trading day before the announcement of the formation of the Bottomline board's Strategy Committee.
• Bottomline will become a privately held company under the arrangement.
• "Our partnership with Thoma Bravo will provide additional resources and greater flexibility to build on our leadership position, invest in continued innovation, and accelerate go-to-market efforts to deliver increased value to customers, Bottomline CEO Rob Eberle said. Additionally, the transaction will allow Bottomline to benefit from the operating capabilities, capital resources, and sector expertise of one of the most experienced and successful software and financial technology investors."
• Price Action: EPAY shares traded higher by 15.1% at $56.30 in the premarket session on the last check Friday.