Why Proofpoint Stock Soared Today

Shares of Proofpoint (NASDAQ: PFPT) surged 31% on Monday after the cybersecurity and compliance company announced that it reached a deal to be acquired by private equity firm Thoma Bravo. 

The all-cash deal values Proofpoint at roughly $12.3 billion. Proofpoint shareholders will receive $176 in cash for each share they own, a 34% premium to the stock's closing price on Friday.

"Today's announcement is a testament to the strength of Proofpoint's people-centric approach to cybersecurity and compliance and underscores our important role preventing, defending, and responding to today's threats," Proofpoint CEO Gary Steele said in a press release.

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Source Fool.com