Needham analyst Joshua Reilly downgraded Zuora (ZUO) to Hold from Buy and removed the firm’s previous $15 price target after Zuora announced a deal to be acquired by Silver Lake and GIC for $10 per share. Zuora was “widely shopped to both strategic and financial buyers,” and the $10.00 per share price reflects best efforts by the special committee to maximize shareholder value, the analyst tells investors.
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Read More on ZUO:
- Zuora downgraded to Hold from Buy at Lake Street
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- Zuora to be acquired by Silver Lake, GIC for $10.00 per share in cash
- Zuora to be acquired by Silver Lake and GIC for $1.7B or $10.00 per share
- Zuora CEO Tzuo sells 63,873 class A shares
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