Workday shares surge on report of Silver Lake acquisition talks
Shares of software provider Workday Inc. surged after a report said private equity firm Silver Lake was in talks to acquire the company. Bloomberg News reported Thursday, citing people familiar with the matter, that Silver Lake had been discussing a potential Workday acquisition for months. Workday makes software for human resources and other enterprise functions. The report said there was no guarantee that a deal would be completed. Workday shares rose as much as 26% to $220.50 before trading was halted because of excessive volatility. Workday is among the software companies facing pressure from artificial intelligence startups. Through Wednesday’s close, the stock was down 18% for the year. Spokespeople for Workday and Silver Lake did not immediately respond to Bloomberg News’ requests for comment.
Bloomberg News reported Thursday, citing people familiar with the matter, that Silver Lake had been discussing a potential Workday acquisition for months. Workday makes software for human resources and other enterprise functions. The report said there was no guarantee that a deal would be completed.
Workday shares rose as much as 26% to $220.50 before trading was halted because of excessive volatility. Workday is among the software companies facing pressure from artificial intelligence startups. Through Wednesday’s close, the stock was down 18% for the year.
Spokespeople for Workday and Silver Lake did not immediately respond to Bloomberg News’ requests for comment.