Why RingCentral Inc. Stock Jumped Today
Shares of RingCentral (NYSE: RNG) jumped as much as 19.9% higher Wednesday morning, thanks to unconfirmed reports that the cloud-based enterprise communications expert has attracted buyout interest from private equity investors. As of 12:23 p.m. EDT, the stock had settled to 9.2% gain.
A Bloomberg report cites at least two unnamed insiders who agreed that the company has hired an advisor to help it hammer out a takeover deal. The sources noted that RingCentral may end up preferring to stay independent, but that the deal talks are serious.
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Source: Fool.com