Quick Update on Acme Packet – Stock Rises 23.65% on 2/4/2013
Acme Packet’s (APKT) stock price soared by 23.65% today as news broke that Oracle was looking to buy the company for over $2 billion. The company’s shares were the highest percentage gainer on the Nasdaq, ending the day at $29.59 a share, up $5.66.
As reported by the WSJ, “Oracle will pay Acme's shareholders a per-share cash price of $29.25, a premium of 22% over Friday's close”. When the news spread across Wall Street, the stock price of Acme Packet’s competitors, including Sonus Networks soared.