Why Endurance International Group Stock Soared More Than 60% on Monday
Shares of Endurance International Group Holdings (NASDAQ: EIGI) soared in early trading on Monday after the company announced a definitive agreement to be acquired by Clearlake Capital Group for $3 billion. The all-cash deal is expected to close in the first quarter of next year. Endurance stock was up 62% as of 10:30 a.m. EST, and it's likely to hover there until the deal closes.
Overshadowed by the acquisition announcement, Endurance also released results for the third quarter of 2020. Subscribers to the company's cloud-based solutions were up almost 4% year over year, while quarterly revenue was up 3% to $278 million. This resulted in an impressive improvement to its free cash flow: up 53% from last year to $42.6 million.
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Source Fool.com
