Coupa Software Shares Surge 26% on Thoma Bravo Takeover Announcement

Coupa Software (NASDAQ:COUP) shares surged more than 26% on Monday after the company announced it has accepted a takeover bid from the private equity firm Thoma Bravo in an all-cash deal for $8.0 billion EV, or $81 per share.

This represents a 30% premium to Friday's close price and a 77% premium to the November 22 close price (the day before Bloomberg's article citing fellow private equity firm Vista Equity Partners was interested in buying Coupa). The transaction is expected to close in the first half of next year.

Following the news, analysts at RBC Capital upgraded the company to Sector Perform from Underperform and raised their price target to $81 from $55.