Vonage Shares Surge on $6.2 Billion Ericsson Takeover
November 22 2021 - 6:25AM
Dow Jones News
By Colin Kellaher
Shares of Vonage Holdings Corp. jumped more than 25% in
premarket trading Monday after the telecommunications-services
company agreed to be acquired by Swedish telecom-equipment maker
Ericsson AB for around $6.2 billion.
Ericsson agreed to pay $21 a share for Vonage, a roughly 28.2%
premium to Friday's closing price for the Holmdel, N.J.,
company.
The takeover price also is more than 50% above the Vonage's
late-August share price of around $13.50, when published reports
emerged that activist investor Jana Partners, which holds a 4%
stake in Vonage, was pushing for a sale of the company.
Vonage shares were recently changing hands at $20.87, up 27.5%,
in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 22, 2021 06:10 ET (11:10 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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