NEW YORK (TheStreet) -- Shares of Conversant Inc. (CNVR) are rising higher by 31.79% to $35.20 in pre-market trading on Friday, following Thursday afternoon's announcement the digital marketing company will be purchased by Alliance Data Systems Corp. (ADS) for approximately $2.3 billion, or $35 per share.
Alliance Data, a global provider of data-driven marketing and loyalty solutions, expects the acquisition to bring "substantial accretion" of approximately 50 cents per share for the first year, and approximately 75 cents per share for the second year following completion of the purchase, which is expected to close at the end of this year.
Additionally, several analysts changed their ratings on Conversant this morning.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Shares of Alliance Data Systems are higher by 2.65% to $259.56 in pre-market trading today.
Separately, TheStreet Ratings team rates CONVERSANT INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONVERSANT INC (CNVR) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."