Why Information Technology Company MariaDB Shares Are Rocketing Wednesday

MariaDB plc MRDB shares are trading higher after the company received an offer from Progress Software Corporation PRGS to acquire all the issued and issued share capital at a $0.60 per share.

The purchase price represents an 88% premium to MariaDB’s average closing share price of the last 30 trading days.

The offer signifies a 216% premium to the closing share price on February 5, 2024, the last full trading day before MariaDB’s announcement of a potential forbearance agreement with RP Ventures LLC and Hale Capital Partners.

The offer also represents a 9% premium to the possible offer of $0.55 per share made by K1 Capital, announced on February 16, 2024.

Progress stated that it is ready to engage with MariaDB’s Board to complete its due diligence and expeditiously progress its possible offer.

As of February 29, 2024, Progress Software’s cash and cash equivalents stood at $133.2 million.

Price Action: MRDB shares are up 66.37% at $0.3760 premarket on the last check Wednesday.

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