Salesforce Shares Retreat Following News of Slack Acquisition
December 02 2020 - 10:22AM
Dow Jones News
By Matt Grossman
Salesforce.com Inc. shares declined Wednesday morning a day
after the company said it agreed to buy Slack Technologies Inc. for
$27.7 billion.
In the first half hour of trading, Salesforce shares dipped 9.4%
to $218.60. Slack shares fell 2.9% to $42.62.
The deal would help Salesforce move beyond its core business,
which provides software that allows companies to manage sales
relationships. Salesforce Operating Chief Bret Taylor described the
deal as an investment in the importance of workplace communications
amid a pandemic that has decentralized employees as more people
work from home.
In the merger, which must clear Slack shareholder and regulatory
approvals, Slack stock owners would receive $26.79 in cash and
0.0776 Salesforce shares for each share of Slack stock.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
December 02, 2020 10:07 ET (15:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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