Activist target Forescout Technologies (NASDAQ: FSCT) shot up 20% on Thursday following news that it entered into an agreement with private equity firm Advent International to be acquired for $33.00 per share.
On October 21, 2019 activist hedge fund Corvex Management run by Carl Icahn protégé Keith Meister filed a 13D Filing disclosing a 7.2% stake in the FSCT. Corvex invested alongside Jericho Capital. Based on the initial 13D filing, Corvex’s average purchase price for FSCT was ~$30.13 per share.
On the day of the public filing FSCT closed at $28.70. On Feb 6, 2020, the day of the acquisition announcement the stock shot up and closed at $33.28 per share – an annualized increase of 54%. You can sign up here to receive email alerts as soon as 13D filings are made.
Information provided here or in email alerts does not constitute investment advice nor an offer to sell securities. The information provided is for research purposely only and we do not take any responsibility for any loss or damage including and without limitation to any loss which may arise directly or indirectly from use of or reliance on such information. The writer of this article previously had a position in FSCT, but at the time of writing is message no longer holds any positions in FSCT. The writer may or may not potentially purchase shares pending further analysis and market conditions.