Anaplan shares soared 25% on Monday: this is why

PE firm Thoma Bravo says it will buy Anaplan for $10.7 billion in cash.
The $66 a share deal is expected to close in the second quarter of 2022.
Needham analyst Scott Berg downgraded PLAN to "hold" on Monday.

Anaplan Inc shares (NYSE: PLAN) soared over 25% this morning after Thoma Bravo said it will buy the business-planning software company for $10.7 billion in cash.

Anaplan shareholders to get a 30% premium

The buyout offer from the private equity company translates to $66 a share, a premium of more than 30% on where PLAN closed the regular session on Friday. In the press release, Anaplan CEO Frank Calderoni said:

The acquisition will see Anaplan go private later this year. Also on Monday, Nielsen Holdings rejected a $9.13 billion offer from Consortium.

Deal to close in the second quarter of 2022

Calderoni will continue to lead the company after the completion of the transaction, expected in the second quarter of 2022. Commenting on the acquisition, Needham analyst Scott Berg wrote:

Berg, however, downgraded Anaplan to “hold” on Monday. The stock is now up about 40% for the year.