Why Shares of Synchronoss Technologies Are Crashing Today
Shares of Synchronoss Technologies (NASDAQ: SNCR) tumbled on Tuesday after its largest shareholder disclosed that an all-cash buyout was off the table. This news comes two months after the company first announced that it was reviewing strategic alternatives. The stock was down about 38% as of 11:30 a.m. EDT.
Siris Capital, which owns about 13% of Synchronoss, disclosed on Tuesday that it was no longer interested in an all-cash buyout. Synchronoss issued a statement in response to the news, saying that it "remains in active discussions with Siris Capital Group and other interested parties regarding a range of potential strategic transactions." Synchronoss is still exploring various options, including a sale of the company.
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Source: Fool.com
