Slack Shares Hit New High Ahead of Expected Salesforce Deal
By Colin Kellaher
Shares of Slack Technologies Inc. reached a new all-time high on
Tuesday as investors awaited news of a takeover of the
workplace-communications company by business software giant
Slack shares were recently trading at $43.69, up 1.9%, adding to
their recent gains after The Wall Street Journal reported last week
that Salesforce was in advanced talks to buy the company. The stock
hit a new high of $43.98 earlier in the session.
Slack shares were changing hands at around $30 before the
Journal's report, giving the company a market capitalization of $17
billion, but the rising stock price since then has pushed Slack's
valuation above $24 billion.
CNBC on Monday reported that Salesforce would announce a
cash-and-stock deal to buy Slack after the bell on Tuesday, when it
is slated to report quarterly earnings.
Salesforce shares were recently down 2.2% to $240.42.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
December 01, 2020 11:29 ET (16:29 GMT)
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