24/7 Market News Snapshot 05 Aug 2024 – Thoughtworks Holding, Inc. Common Stock (NASDAQ: TWKS)

August 5, 2024 7:30

Press Release

DENVER, Colo., 05 August, 2024 (247marketnews.com) – (Nasdaq:TWKS) are discussed in this article.
Thoughtworks Holding, Inc., a prominent player in the digital engineering sphere, has experienced a notable surge in its stock price during the pre-market session. The stock soared to $4.296, marking a significant 25.81% increase from the previous close of $3.39. This optimistic trend has been driven by the robust trading volume of 1.2 million shares, indicating strong investor interest and a promising breakout, which has captured the attention of bullish investors keen on capitalizing on this momentum.

In support of this positive trajectory, Thoughtworks has disclosed a definitive merger agreement with Apax Partners, under which Apax Funds will acquire all outstanding shares of Thoughtworks’ common stock not already owned by Apax. The agreed purchase price is $4.40 per share, positioning the company’s total enterprise value at approximately $1.75 billion. This price reflects a substantial 30% premium over Thoughtworks’ closing stock price on August 2, 2024, and a generous 48% premium over the 30-day volume-weighted average price.

The transaction has garnered unanimous approval from a special committee of Thoughtworks’ Board of Directors, composed solely of independent and disinterested directors, as well as from the full Board of Directors. They have collectively determined that this agreement is in the best interests of the company and its minority stockholders. CEO Mike Sutcliff expressed confidence in the transaction, emphasizing that it offers immediate and fair value to minority shareholders and underscores Apax’s longstanding support as a strategic partner, enabling Thoughtworks to make crucial long-term investments.

Apax Partners, known for its extensive experience in fostering growth and transformation across multiple industries, views this acquisition as a continuation of its fruitful partnership with Thoughtworks. The transaction, set to be completed by the fourth quarter of 2024, is contingent on customary closing conditions and will transform Thoughtworks into a privately held company, delisting its common stock from public trading. It will be financed through fully committed equity financing.

This pivotal strategic move is expected to bolster Thoughtworks’ commitment to innovation and growth, enhancing its global technological excellence and service delivery capabilities.

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