GTCR and Elliott Near Takeover of CCC Intelligent Solutions
CCC sits 88% above its 52-week low of $4.08.
Summary
CCC Intelligent Solutions jumped 9% in after-hours trading after Bloomberg reported that private equity firm GTCR and Elliott Investment Management are in advanced talks to acquire the car-insurance software company. A deal could be announced as soon as next week, though no final agreement has been reached. This follows months of speculation: Reuters reported in July that CCC was exploring a sale with Morgan Stanley, and Bloomberg reported in August that Copart was in talks to buy the company. Elliott had already built a large stake in July. The stock rose 6.9% in regular trading before the news broke, suggesting some anticipation. With a market cap around $4.1 billion, a takeover would be a significant liquidity event for shareholders. Copart remains a competing bidder, so a bidding war is possible.
At the time of this announcement, CCC was trading at $7.68 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $4.08 to $9.45. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.