Attunity stock soared Thursday after the data analytics company said it agreed to be acquired and taken private in a $560 million all-cash deal.
Attunity‘s (ATTU) buyer is another data analytics company, privately held Qlik, a Sweden-based software company. Qlik has its U.S. headquarters in Radnor, Pa.
Holders of Attunity stock will receive $23.50 in cash per share. That’s an 18% premium to Attunity stock from its closing price on Wednesday.
Shares of Israel-based Attunity soared 18%, closing at 23.54 on the stock market today.
Needham analyst Jack Andrews thinks the chance of a competing offer for Attunity is real.
“Compared to companies we track in the Big Data analytics sector we believe the acquisition represents a meaningful discount to its peers,” Andrews wrote in a report to clients.
Attunity Bidding War?
He noted the $23.50-per-share offering price for Attunity represents a 14% discount to its 52-week high set on Jan. 1, the day Attunity reported fourth-quarter results. Revenue jumped 42% from the year-ago period to $26 million. The company reported adjusted earnings of 17 cents per share, compared with a 1-cent loss a year ago.
“Numerous other potential buyers represent better strategic fits, in our view,” Andrews wrote. “We believe that Attunity would gain more leverage as part of either a public cloud vendor, or a larger technology firm that wants to further increase its presence in software.”
Cloud vendors that could be a strategic fit with Attunity include Amazon (AMZN), Microsoft (MSFT) and Alphabet (GOOGL), he wrote. Oracle (ORCL), IBM (IBM) and SAP (SAP) might also be a good fit, he thinks.
“We believe the transaction is in the best interest of Attunity’s stakeholders and provides Attunity with additional awareness and scale to execute our strategic plans,” Attunity Chief Executive Shimon Alon said in prepared remarks.
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