TUFN - Tufin Software Technologies stock surges on report of $570M bid Turn/River Capital

Tufin Software Technologies (NYSE:TUFN) is surging 42.3% premarket Wednesday after the firm said it will be acquired by Turn/River Capital, a software-focused investment firm, in an all-cash transaction that values Tufin at ~$570M. Under the terms, Tufin shareholders to receive $13.00/share in cash, representing a premium of ~44% over Tufin’s closing share price on April 5, 2022 and a premium of ~54% over Tufin’s one-month volume-weighted average closing price through April 5, 2022. Pursuant to the closure, Tufin will become a private company and will partner with Turn/River to further accelerate its mission of helping enterprise customers use policy-driven automation to address the security threats. The transaction includes a 30-day “go-shop” period expiring May 5, 2022 to encourage or facilitate alternative acquisition proposals from third parties. Currently there can be no assurance that this “go-shop” will result in a superior proposal. The deal is expected to close in the second quarter of 2022.

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Tufin Software Technologies stock surges on report of $570M bid Turn/River Capital