Why Anaplan Stock Was on Fire on Monday

Shares of Anaplan (NYSE: PLAN) charged sharply higher on Monday, surging by as much as 28.1% in early trading. As of 10:49 a.m. ET, the stock was still up by 27.7%.

The catalyst that sent the cloud-based work-planning specialist higher was news that it is being taken private.

Anaplan announced on Sunday that it had reached a definitive agreement to be acquired by leading software investment firm Thoma Bravo for $66 per share. That price represents a premium of 30% compared to the stock's closing price on Friday. It also represents a premium of approximately 46% to the volume-weighted average price of Anaplan stock for the five-day period that ended on March 18, according to a press release issued by the company.

Source Fool.com