Why Shares of Synchronoss Technologies Are Rocketing Higher

Shares of Synchronoss Technologies (NASDAQ: SNCR) are soaring after the company announced that it had restarted discussions with its largest shareholder, Siris Capital, regarding a possible transaction. This comes just a few days after the company terminated talks with Siris, unwilling to negotiate exclusively. As of 12:36 p.m. EDT, the stock was up 32.4%.

When Synchronoss ended talks with Siris, it pointed to interest from other parties and proposals that were attractive compared to the latest offer from Siris as reasons for refusing exclusivity. It didn't take long for Synchronoss to change its mind.

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Source: Fool.com