Slack jumps as nears Salesforce deal - report
30/11/2020 15:34
** Slack Technologies WORK.N shares jump 4.3% to $42.40,
adding to last week's surge, on report workspace messaging
provider nearing deal to be acquired by software firm
Salesforce.com CRM.N
** CRM deal to buy WORK expected to be announced Tues after
market close; deal will comprise about half cash and half stock,
and price at premium to WORK's Fri close price, sources told
CNBC urn:newsml:reuters.com:*:nFWN2IG0VR
** Shares of WORK soared ~38% on Weds on reported deal talks
with CRM urn:newsml:reuters.com:*:nL4N2IB3FD
** WORK had ~$23 bln market cap as of Fri close, per
Refinitiv data
** CRM's stock on Mon falls 3.0% to $240.29 ahead of its Q3
results due Tues after the bell
** Shares of Microsoft Corp MSFT.O , owner of Slack's rival
Teams chat and conferencing app, down ~1%
** For MSFT, a CRM/WORK deal would "make Salesforce even
that much more of a competitor (Dynamics vs. CRM) in the field
as these two cloud stalwarts further compete in the trillion
dollar cloud opportunity over the next decade," Wedbush analyst
Dan Ives wrote in note to clients on Mon
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))