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Shares of Ping Identity Holding (NYSE: PING) soared out of the gate on Wednesday, surging as much as 60.2%. As of 10:29 a.m. ET, the stock was still up 59.8%.
The catalyst that sent the cybersecurity and identity solutions specialist higher was news the company is being taken private.
Ping Identity announced that it would be acquired by technology-focused private equity firm Thoma Bravo in an all-cash deal valued at $2.8 billion. Ping Identity shareholders would receive $28.50 per share, a 63% premium compared to the stock's closing price on Tuesday.