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JDA Software shares spike on news of sale talks
NEW YORK |
NEW YORK (Reuters) - Shares of JDA Software Group Inc JDAS.O rose 12 percent on Wednesday to $38 after Reuters reported earlier in the week that the enterprise technology maker was exploring a sale.
The Scottsdale, Arizona-based company, which has hired JPMorgan Chase & Co to advise on the process, is trading at a 14-year high. Shares reached as much as $38.17 per share on Wednesday.
The sale process is in advanced stages, receiving interest from multiple parties, including private equity firms and strategic buyers, sources told Reuters.
JDA Software's leading shareholder Praesidium Investment Management Co LLC has over the last several months increased its equity stake to 8.9 percent.
New York-based Praesidium said in a filing with the U.S. Securities and Exchange Commission earlier this year that it would engage in communications with members of the company's board of directors, shareholders and other relevant parties concerning the business, management and operations.
In August, JDA Software restated its financial statements for 2011.
(Reporting By Nadia Damouni and Supantha Mukherjee)
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