Varonis Systems Gains After Hours on Proofpoint Deal Announcement
Dow Jones10-16
Shares of Varonis Systems climbed as the cybercurity company agreed to be bought by Proofpoint for about $6.3 billion.
Varonis's stock rose 2.8%, to $48.65, after hours Thursday after gaining about 0.6% during regular trading. It has gained 44% this year.
The company's shares moved higher in early September after The Wall Street Journal reported advanced talks with Thoma Bravo-backed Proofpoint.
According to a Varonis securities filing Thursday, the company would be required to pay a $211.7 million termination fee under certain conditions including terminating the deal to enter an agreement providing for a superior proposal.
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