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Investing.com -- Dayforce (NYSE:DAY) stock rose 2.7% Wednesday morning after the human capital management company confirmed it is in "advanced discussions" with private equity firm Thoma Bravo regarding a potential acquisition.
The company stated it is in talks to be taken private at a price of US$70 per share. This confirmation follows a Bloomberg report earlier this week that initially sent Dayforce shares surging 28% on takeover speculation.
In its announcement, Dayforce cautioned that "there can be no assurances as to whether an agreement for a transaction will be reached or as to the price or terms of any such transaction." The company also indicated it does not plan to provide additional comments or updates on the matter unless disclosure becomes necessary.
Dayforce, which is dual-listed on the New York Stock Exchange and Toronto Stock Exchange, specializes in human capital management solutions designed to improve workplace experiences. The potential deal with Thoma Bravo, a major technology-focused private equity firm, would add to the growing trend of take-private transactions in the software sector.
The company did not provide a timeline for when discussions might conclude or when a formal agreement might be reached.
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