Why Red Hat Inc. Shares Jumped 26% Higher Last Month [The Motley Fool]
RED HAT (RHT)
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Source: The Motley Fool
The Linux vendor and general open-source software champion is joining forces with Big Blue in a $34 billion blockbuster of a buyout. Anders Bylund ( TMFZahrim ) Nov 8, 2018 at 12:45PM What happened Shares of open-source software developer Red Hat ( NYSE:RHT ) rose 25.9% in October of 2018, according to data from S&P Global Market Intelligence . No mystery here: The stock jumped when IT giant IBM ( NYSE:IBM ) announced that it will acquire Red Hat in a $34 billion deal. So what Red Hat's share prices had been trending downward for most of October, dipping as much as 14% below September's final quote, when Big Blue stepped in. The all-cash offer is worth $190 per share, expected to close in the second half of next year, and still requires shareholder approval as well as a few regulatory sign-offs. The stock soared as much as 60% high
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