Shares of Okta (NASDAQ: OKTA) rallied on Wednesday, surging as much as 8.9%. As of 12:42 p.m. ET, the stock was still up 6.8%.
The major market indexes were decidedly higher, which no doubt provided tailwinds for the identity verification and cybersecurity specialist. While there was no company-specific news driving Okta higher, the catalyst was likely the news that a rival was being taken private at a hefty premium.
Ping Identity Holding (NYSE: PING) revealed today that it was being acquired by technology-centric private equity firm Thoma Bravo. The acquisition will be an all-cash deal that values Ping Identity at $2.8 billion. Assuming the deal is approved, shareholders will be paid $28.50 per share, which represents a hefty 63% premium compared with the stock's closing price on Tuesday.
Source Fool.com