Why CDK Global Shares Are Soaring Today

Brookfield Business Partners, together with institutional partners, agreed to acquire CDK Global Inc CDK for a total enterprise value of $8.3 billion.
Brookfield will initiate a tender offer to acquire all of the outstanding shares of CDK.
CDK shareholders will receive $54.87 per share in cash, implying a 30% premium to the February 18 closing price, the last full trading day before market speculation regarding a potential sale.
CDK's common stock will cease to list on the Nasdaq.
Brookfield will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price.
CDK is a leading automotive retail technology company.
Brookfield Asset Management is a leading global alternative asset manager with $690 billion of assets under management.
Price Action: CDK shares traded higher by 11.3% at $54.51 in the premarket on the last check Thursday.