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Investing.com -- BlackLine Inc. (NASDAQ:BL) stock rose 6% Monday following a Bloomberg report that German software giant SAP SE (NYSE:SAP) had made a takeover approach to the financial software company earlier this year.
According to the report, which cited people with knowledge of the matter, SAP valued BlackLine at a price in the high $60s per share. The California-based company reportedly rejected the offer, and there are currently no active discussions between the parties.
BlackLine, which provides cloud-based accounting software solutions, has attracted interest from multiple potential suitors, the report indicated. However, it remains unclear whether SAP will renew its acquisition efforts.
BlackLine’s shares responded positively to the news of takeover interest, despite the company having already rejected the reported offer from SAP.
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