- Cvent ( NASDAQ: CVT ) fell 2.9% after a report that the cloud-based event-software maker rejected a $3.9 billion offer from Blackstone ( BX ).
- Blackstone is said to be taking a break from negotiations after Cvent ( CVT ) rejected the $8 a share offer, according to a Reuters report, which cited people familiar. Cvent wasn't exploring a sale when it was approached by the private equity giant.
- The news comes after the WSJ reported late last month that Cvent ( CVT ) was exploring a sale that could be valued at more than $4 billion.
- Cvent ( CVT ) in not new to private equity owners as the company was taken private in 2016 by Vista Equity Partners for $1.65 billion.
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Cvent drops after report it rejected Blackstone $8/share bid