Logility
(LGTY)
shares are soaring on Monday on the heels of
American Software's
(AMSWA) - Get Report
increase of its offer to purchase the company.
Shares skyrocketed 35% to $6.94 in afternoon trading, after American Software said it will offer $7.02 a share for all of the outstanding shares of Logility. This is a 40.4% premium over its closing price on March 18.
American Software previously offered $5.10 a share. Currently American Software owns 88% stake in Logility.
Logility's special committee reviewing the tender offer said in a statement that they will recommend that shareholders accept the proposal at the new offer price.
Shares of American Software grew 4% to $5.08 in afternoon trading.
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