Synchronoss Technologies, Inc. (NASDAQ: SNCR) leaped Monday morning, after the company disclosed Friday that it remains in active discussions with multiple parties.
A news release issued Friday indicated Synchronoss’ Board of Directors remains committed to enhancing value for all shareholders. The Board’s strategic alternatives process remains underway and it continues to explore a full range of strategic, operational and financial alternatives.
Siris Capital Partners recently informed Synchronoss that Siris would terminate its discussions regarding a potential transaction unless Synchronoss agreed to negotiate exclusively with Siris. Given the status of the process and the continued interest from other parties,
Synchronoss has determined that entering into an exclusivity agreement with Siris at this time is not in the best interest of the Company's shareholders. The Company remains in active discussions with multiple parties and has received what the Board believes to be attractive proposals compared to the most recent proposal from Siris.
The board of the company, located in Bridgewater, New Jersey, says it will “carefully consider all options and make a decision that reflects the best interest of all shareholders and maximizes value.
“There can be no assurance as to whether or not any transaction will take place, the structure of such a transaction, or the ultimate timing.”
Synchronoss calls itself “an innovative software company that helps both service providers and enterprises realize and execute their goals for mobile transformation now.”
Shares in the company hiked $1.61, or 17.3%, to $10.94, late morning Monday, within a 52-week trading range of $8.71 to $49.94.
