Why Micro Focus Shares Are Higher By 95% Friday

Micro Focus International PLC - ADR MFGP shares are trading higher by 95.53% to $6.12 Friday morning after the company reached an agreement with OpenText to be acquired for $6 billion.

About the Terms of the Acquisition:

• Total purchase price of $6.0 billion, inclusive of Micro Focus' cash and debt
• Total purchase price is 2.2x Micro Focus' pro forma TTM revenues
• Total purchase price is 6.3x Micro Focus' pro forma TTM adjusted EBITDA
• Expected cost synergies of $400 million, including Micro Focus' previously announced cost savings program of $300 million (net of inflation), as well as $100 million in additional cost synergies...Read More

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According to data from Benzinga Pro, Micro Focus has a 52-week high of $6.58 and a 52-week low of $3.03.