CNXC - ServiceSource rallies on acquisition by Concentrix in all-cash transaction worth $131M

ServiceSource (NASDAQ:SREV) rallies 23.5% higher premarket after it entered into a definitive merger agreement with Concentrix (NASDAQ:CNXC) wherein the latter will acquire the former in an all-cash transaction valued at ~$131M; it includes ServiceSource's net cash. The stockholders will receive $1.50/share in cash for each issued and outstanding share of common stock they own; total purchase price represents a 47% premium to ServiceSource's unaffected closing stock price on May 6, 2022. Stockholders representing ~33.5% of the outstanding voting power have entered into voting agreements supporting the transaction. Transaction is expected to close in the second half of FY22.

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ServiceSource rallies on acquisition by Concentrix in all-cash transaction worth $131M