Why Micro Focus Stock Is Higher By 95% Friday

Micro Focus International PLC - ADR (NYSE: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

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

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.

Benzinga

Benzinga

Why Micro Focus Shares Are Higher By 95% Friday