Why CDK Global Shares Are Soaring Today
$CDK
Retail: Computer Software & Peripheral Equipment
Technology
- Brookfield Business Partners, together with institutional partners, agreed to acquire CDK Global Inc (NASDAQ:CDK) for a total enterprise value of $8.3 billion.
- Brookfield will initiate a tender offer to acquire all of the outstanding shares of CDK.
- CDK shareholders will receive $54.87 per share in cash, implying a 30% premium to the February 18 closing price, the last full trading day before market speculation regarding a potential sale.
- CDK's common stock will cease to list on the Nasdaq.
- Brookfield will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price.
- CDK is a leading automotive retail technology company.
- Brookfield Asset Management is a leading global alternative asset manager with $690 billion of assets under management.
- Price Action: CDK shares traded higher by 11.3% at $54.51 in the premarket on the last check Thursday.