BTRS - Why BTRS Holdings Stock Skyrocketed as Much as 61% on Wednesday
Shares of BTRS Holdings (NASDAQ: BTRS) , better known as Billtrust, exploded sharply higher on Wednesday, soaring as much as 61.2%. As of 1 p.m. ET, the stock was still up 60.1%.
The catalyst that drove the fintech specialist higher was news the company would be taken private.
Billtrust, which provides cloud-based software and integrated business-to-business (B2B) payment solutions, announced early Wednesday that it had entered into a definitive agreement to be acquired by EQT X fund, a leading global private-equity company. Billtrust shareholders will receive $9.50 per share, which represents a 64% premium compared to Tuesday's closing price and a 76% premium compared to the stock's 90-day volume-weighted share price. The all-cash deal values the company at $1.7 billion.
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Why BTRS Holdings Stock Skyrocketed as Much as 61% on Wednesday